The Debt Management Office (DMO) has said that about N60 billion worth of Federal Government bonds will be up for subscription on April 22.
The DMO said in a circular on its website on Wednesday in Abuja, that the five-year re-opening bonds of N20 billion to mature in April 2023 was offered at 12.75 per cent.
It added that the 15-year re-opening bonds also of N20 billion to mature in March 2035 would be auctioned at 12.50 per cent adding that the N20 billion 30-year bonds, due in April 2050, would be auctioned at 12.98 per cent.
According to the DMO, units of sale would be N1,000 per unit, subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter.
DMO bonds are always backed by the full faith and creditworthiness of the Nigerian Government, with interest payable semi-annually to bondholders, while bullet repayment will be made on maturity date.
The Federal Government issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
Meanwhile, the Nigerian Stock Exchange (NSE) on Wednesday published guidance on virtual board, committee and management meetings for stakeholders in the wake of COVID-19 pandemic.
The guidance, according to the Exchange, is in response to the shift from conventional physical meetings to virtual meetings in the wake of the COVID-19 pandemic, and the critical need to protect investors’ interests.
Mr Oscar Onyema, NSE Chief Executive Officer, described the development as one of its “Thought Leadership” initiatives, designed to provide direction to market and other stakeholders.
Onyema said the initiative would help stakeholders to carry out successful, productive, and rewarding virtual meetings at this time and other times when in-person meetings were unfeasible.
“The NSE has provided this Guidance to assist our stakeholders with identifying and adopting best practices and procedures, and complying with applicable corporate governance standards whilst conducting their virtual meetings.
“The goal is to ensure that when companies opt for virtual participation in meetings, they are accessible, transparent, efficient, and cost-effectively managed, while meeting the important business and corporate governance needs of all relevant stakeholders,” Onyema said. He said that matters addressed in the Guidance relate to statutory and regulatory considerations, availability of technological infrastructure, inclusion and management of external attendees, information security, protocols and participants’ responsibilities, amongst others.
Addressing concerns around virtual meeting, Ms Tinuade Awe, NSE Executive Director, Regulation, said it recognises the legal and regulatory uncertainties that Nigerian businesses might face regarding convening virtual meetings in the wake of the COVID-19 pandemic.