Patience Oniha
BusinessTop Story

Nigerians continue to shun FGN savings bond

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The Federal Government Savings Bond has failed to maintain sales momentum, as fewer Nigerians are investing in the market.

The bonds have struggled to attract investors and meet its goals with the DG Debt Management Office (DMO) Ms. Patience Oniha, attributing the poor run to local investor apathy.

According to her, despite millions of naira spent on advertising, Nigerians are still not buying government savings bond as much as anticipated. The trend she said is similar in the equities market, driven by the 2008 market crash.

To build investors’ confidence in the bonds markets, the debt office is taking lesson notes from Kenya. “We are looking to take some cues from some of the technologies deployed in Kenya where people can invest in the capital market through the use of mobile phones. The DMO will be glad to deploy that,” she said at a panel session at the 2018 African Securities Exchanges Association conference in Lagos.

“There is a need to build investors confidence in the market by being transparent and improving corporate governance. We also need to do a lot in terms of investor education using the media and other platforms. Any firm interested in collaborating with us to drive this goal is welcome,” she added.

EDITOR’S NOTE

The FGN savings bond is a bond issued by the Debt Management Office on behalf of the Nigerian government. The bond is tailored and targeted at retail investors and includes a guaranteed interest payment and repayment of the principal.

FGN Savings Bond is safe and backed by the full faith and credit of the Federal Government of Nigeria, with quarterly coupon payments to bondholders. Minimum subscription of N5,000 with additions in multiple of N1,000; subject to a maximum of N50 million.

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