The Debt Management Office (DMO) has opened subscription for N1.2 trillion in Federal Government of Nigeria (FGN) Bonds, offering investors three re-opened instruments across the 10-year, 15-year, and 20-year maturities.
According to an offer circular issued by the DMO on behalf of the Federal Government, the auction will hold on July 20, 2026, with settlement fixed for July 22, 2026. The offer is being made pursuant to the DMO (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004.
The three tranches on offer are the 22.60% FGN JAN 2035, a 10-year re-opening; the 15.45% FGN JUN 2038, a 15-year re-opening; and the 16.2499% FGN APR 2037, a 20-year re-opening — each carrying a N400 billion offer size.
Because all three instruments are re-openings of previously issued bonds with coupons already fixed, successful bidders will pay a price reflecting the yield-to-maturity bid that clears the volume on offer, plus any accrued interest. Interest on the bonds is payable semi-annually, with principal repaid in a single bullet payment at maturity.
Units are priced at N1,000 each, subject to a minimum subscription of N50,001,000 and multiples of N1,000 thereafter — a threshold that keeps the offer squarely targeted at institutional investors, pension funds, and high-net-worth individuals rather than retail buyers.
The DMO noted that the bonds qualify as securities in which trustees can invest under the Trustee Investment Act, and as government securities under the Companies Income Tax Act (CITA) and Personal Income Tax Act (PITA), granting tax exemption to pension funds and other qualifying investors. The instruments are listed on the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange, and count as liquid assets for banks’ liquidity ratio computations. Like all FGN Bonds, the notes are backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.
Interested investors have been directed to any of the appointed Primary Dealer Market Makers (PDMMs), a list that includes Access Bank, Citibank Nigeria, Coronation Merchant Bank, Ecobank Nigeria, 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 Nigeria, United Bank for Africa, and Zenith Bank.
The DMO reserves the right to allot the bonds at its discretion, a standard clause that gives the debt office latitude to manage pricing and volume outcomes at the point of allotment.
