Federal Government of Nigeria through the Debt Management Office has announced an offer for subscription by auction of two Federal Government Bonds, with a total value of ₦200 billion. According to the circular released, the offer includes ₦100,000,000,000.00 – 17.945% FGN AUG 2030 (5-Year Re-opening) and ₦100,000,000,000.00 – 17.959% FGN JUNE 2032 (7-Year Re-opening). The auction date is scheduled for September 29, 2025, while the settlement date has been fixed for October 2, 2025.
The DMO stated, “The issuer is the Federal Government of Nigeria. The units of sale are ₦1,000 per unit subject to a minimum subscription of ₦50,001,000 and in multiples of ₦1,000 thereafter.” The circular explained that since these are re-openings of previously issued bonds, the interest rate remains fixed, but successful bidders will pay a price tied to the yield-to-maturity bid that clears the volume being auctioned, along with any accrued interest on the instrument.
Interest on the bonds will be payable semi-annually. Redemption is structured as a bullet repayment on the maturity date, meaning investors will receive the full principal at the end of the bond period. The DMO also confirmed the status of these bonds, highlighting that they “qualify as securities in which trustees can invest under the Trustee Investment Act” and as government securities under the Company Income Tax Act and Personal Income Tax Act, making them tax exempt for pension funds and other qualified investors.
In addition, the FGN Bonds are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange. They also qualify as liquid assets for banks in their liquidity ratio calculations. The DMO emphasized that “FGN Bonds are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of Nigeria.”
Interested investors have been directed to contact any of the Primary Dealer Market Makers, which include Access Bank, Citibank Nigeria, Coronation Merchant Bank, Ecobank, FBNQuest Merchant Bank, First Bank of Nigeria, First City Monument Bank, FSDH Merchant Bank, Rand Merchant Bank Nigeria, Guaranty Trust Bank, Stanbic IBTC Bank, Standard Chartered Bank, United Bank for Africa, and Zenith Bank.
The DMO concluded by noting, “The office reserves the right to allot the FGN Bonds at its discretion.”