DMO Suspends April FGN Savings Bond Offer over COVID-19

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Ndubuisi Francis in Abuja

The Debt Management Office (DMO) has announced the suspension of the FGN Savings Bond Offer for the month of April due to the effects of the COVID-19 pandemic.

The DMO however assured Nigerians that the suspension of the April 2020 offer will not affect coupon payments due to investors for already issued FGN securities, adding that arrangements have been made to ensure that all coupon payments for and redemption of FGN securities are made as and when due to investors’ designated accounts.

In suspending the April offer, the DMO cited the national broadcast on Sunday by President Muhammadu Buhari where he ordered restrictions of movement in the Federal Capital Territory (FCT), Lagos and Ogun States.

“His Excellency, President Muhammadu Buhari, GCFR, during a nation-wide broadcast on the coronavirus (COVID-19) yesterday (Sunday) 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 said in a statement.

The debt management agency assured the general public that the offers will resume when the conditions normalise.

But it stressed 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,” the DMO stated.