Press Release: Suspension of April 2020 FGN Savings Bond Offer

Monday, 30 March 2020 16:42

SUSPENSION OF APRIL 2020 FGN SAVINGS BOND OFFER

His Excellency, President Muhammadu Buhari, GCFR, during a nation-wide broadcast on the Coronavirus (COVID-19) yesterday announced restrictions of movement in the Federal Capital Territory (FCT), Lagos and Ogun States. The restriction of movement was based on the need to keep the populace safe and contain the spread of the disease.

As a result of this development, the Debt Management Office (DMO) wishes to inform the general public that the FGN Savings Bond Offer for the month of April 2020, which was scheduled for April 6 – 10, 2020 has been suspended. The DMO wishes to assure the general public that the FGN Savings Bond Offers will resume when the conditions change.

It should be noted that the suspension of the April 2020 Offer will not affect Coupon Payments due to investors for already issued FGN Securities as arrangements have been made to ensure that all Coupon Payments for and redemptions of FGN Securities are made as and when due to investors’ designated accounts.

We wish to use this opportunity to call on the general public to adhere strictly to Mr President’s directives and cooperate with relevant Government Agencies that are working assiduously to contain the spread of the Covid-19.

DEBT MANAGEMENT OFFICE

The Presidency

NDIC Building (First Floor),

Plot 447/448 Constitution Avenue,

Central Business District,

Tel: +234 - 8110000881-3

Website: http://www.dmo.gov.ng,

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

March 30, 2020

Appointment of CSL Stockbroker As The New Government Stockbroker

Tuesday, 18 February 2020 14:38

The Debt Management Office (DMO) is pleased to announce the appointment of CSL Stockbrokers Limited (CSL), a member of FCMB Group Plc, as the new Government Stockbroker. By this appointment CSL replaces Stanbic IBTC Stockbrokers Limited who had served as the first Government Stockbroker with a mandate that includes posting Bid and Offer Prices on The Nigeria Stock Exchange (NSE) for Federal Government of Nigeria (FGN) securities. The Government Stockbroker supports the DMO’s objective of promoting trading of FGN securities on the NSE and attracting more retail investors to the domestic capital market.

CSL was appointed as the Government Stockbroker on the basis of an Open Competitive Bidding process in which other Stockbrokers participated. In their capacity as Government Stockbroker, CSL will build upon the achievements already recorded by increasing the participation of retail investors in all FGN Securities (FGN Bonds, FGN Sukuk, FGN Savings Bond and Green Bonds) listed and trading on the NSE.

The appointment of CSL as the Government Stockbroker is a further demonstration of the commitment of the DMO to the development of the domestic market, in particular, promoting liquidity, as well as, growing and diversifying the investor base.

DEBT MANAGEMENT OFFICE

The Presidency

NDIC Building (First Floor),

Plot 447/448 Constitution Avenue,

Central Business District,

P.M.B. 532, Garki, Abuja

Tel: +234 - 8110000881-3

Website: http://www.dmo.gov.ng,

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

February 18, 2020

Nigeria: Planned External Capital Raising of USD3.30 Billion

Friday, 14 February 2020 09:51

PRESS RELEASE

Nigeria: Planned External Capital Raising of USD3.30 Billion

The Debt Management Office by this Press Release seeks to provide clarification on a proposed USD3.3 billion External Capital raising planned for the year 2020.

The Appropriation Act, 2020 includes a provision of N850 billion (equivalent to about USD2.786 billion at the Budget Exchange Rate of USD/N305) as New External Borrowing to part finance the deficit of N2.175 trillion in the Budget.

In furtherance of the Government’s commitment to develop infrastructure, the proceeds of the USD2.786 billion will be used to finance Capital Projects in priority sectors of the economy that are included in the 2020 Appropriation Act. The projects include those in power, transport, works and housing, aviation, health, education, agriculture and rural development.

Mindful of the need to moderate Debt Service Cost, the plan for the raising of the USD2.780 billion capital is to first maximize financing from relatively cheaper concessional and semi-concessional external sources where available, and the balance, if any, from the International Capital Market (ICM) through the Issuance of Eurobonds.

In addition to the USD2.780 billion for the Budget, Nigeria has a USD500 million Eurobond which will mature on January 28, 2021 (6.75% USD500 million 2021). Given that the Eurobond will mature early in the year 2021, the plan is to refinance it through the issuance of a Eurobond in 2020. Thus, the new external capital raising for the year 2020 to part finance the 2020 Budget Deficit and refinance the Eurobond maturing in January 2021 is USD3.3 billion.

Whilst the approval process for the proposed USD3.3 billion external capital raising is expected to be completed soon, Transaction Advisers for a potential Eurobond Issuance will be through Open Competitive Bidding process.

DEBT MANAGEMENT OFFICE

The Presidency

NDIC Building (First Floor),

Plot 447/448 Constitution Avenue,

Central Business District,

P.M.B. 532, Garki, Abuja

Tel: +234 - 8110000881-3

Website: http://www.dmo.gov.ng,

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

February 13, 2020