The Debt Management Office has released a new offer circular announcing that it is opening subscriptions for two Federal Government of Nigeria bonds through an auction process. The circular states that the offers are made “on behalf of the Federal Government of Nigeria” and are backed by existing laws, including the Debt Management Office Act 2003 and the Local Loans Act. According to the notice, the DMO is authorized to receive applications for ₦230,000,000,000.00 at 17.945 percent for the FGN AUG 2030 5-year re-opening and another ₦230,000,000,000.00 at 17.95 percent for the FGN JUNE 2032 7-year re-opening. The auction is scheduled for December 15, 2025, while settlement will take place on December 17, 2025.
The issuer is listed as the Federal Government of Nigeria, with each unit priced at ₦1,000. The circular explains that buyers must subscribe to at least ₦50,001,000 and continue in multiples of ₦1,000. It adds that for re-openings of previously issued bonds where the coupon is already fixed, bidders will pay a price that matches the yield-to-maturity that clears the auction plus any accrued interest. Payments to investors will be made semi-annually, and the bonds will be redeemed through bullet repayment on maturity.
The document highlights that the bonds qualify as securities trustees can invest in under the Trustee Investment Act. It also notes that they are classified as Government securities under CITA and PITA, which allows tax exemptions for pension funds and some other investors. The bonds are listed on both the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange. All FGN bonds qualify as liquid assets for banks during liquidity ratio calculations.
According to the DMO, the bonds are supported by “the full faith and credit of the Federal Government of Nigeria” and are charged upon the country’s general assets. Interested investors are directed to contact Primary Dealer Market Makers such as Access Bank, Citibank Nigeria, Coronation Merchant Bank, Ecobank Nigeria, FBNQuest, First Bank, FCMB, FSDH Merchant Bank, Rand Merchant Bank, Guaranty Trust Bank, Stanbic IBTC, Standard Chartered Bank, UBA, and Zenith Bank. The circular adds that the DMO reserves the right to allot the bonds at its discretion.
