The Debt Management Office (DMO) has announced a fresh offer for subscription by auction, presenting two re-openings of existing Federal Government Bonds valued at a combined N460 billion.
The DMO said in a circular that it will receive bids for: N230,000,000,000.00 – 17.945% FGN AUG 2030 (5-Year Re-opening); and N230,000,000,000.00 – 17.95% FGN JUNE 2032 (7-Year Re-opening)
It said successful bidders will complete settlement on November 26, 2025.
According to the DMO circular, the units of sale are pegged at N1,000 per unit, with a minimum subscription of N50,001,000 and subsequent increments in multiples of N1,000.
Since both instruments are re-openings of previously issued bonds, DMO said investors will not be bidding for new coupon rates, but will pay market-driven prices determined by the yield-to-maturity bid that clears the auction volume, in addition to any accrued interest on the instruments.
It further stated that interest on the bonds remains payable semi-annually, offering predictable cash flow, an attractive feature for pension funds, insurance firms, fund managers, and institutional investors seeking stable, medium-to-long-term returns.
The DMO disclosed that both instruments will be redeemed through bullet repayment at their respective maturity dates, ensuring investors are repaid the entire principal value at once.
The auction, scheduled for November 24, 2025, is a reflection of ongoing government efforts to strengthen domestic borrowing, enhance market liquidity, and support budgetary financing through long-term, low-risk instruments.
