AfriPulse
FILES: Naira notes
The Debt Management Office (DMO) has announced a combined ₦460 billion fresh offer for subscription by auction, presenting two re-openings of existing Federal Government Bonds.
According to the official offer circular issued on Tuesday, the DMO will receive bids for: ₦230,000,000,000.00 – 17.945% FGN AUG 2030 (5-Year Re-opening), and ₦230,000,000,000.00 – 17.95% FGN JUNE 2032 (7-Year Re-opening).
Successful bidders will complete settlement on November 26, 2025, DMO stated.
The auction, scheduled for November 24, 2025, reflects ongoing government efforts to strengthen domestic borrowing, enhance market liquidity, and support budgetary financing through long-term, low-risk instruments.
According to the DMO circular, the units of sale are pegged at ₦1,000 per unit, with a minimum subscription of ₦50,001,000 and subsequent increments in multiples of ₦1,000.
Since both instruments are re-openings of previously issued bonds, DMO said investors will not be bidding for new coupon rates.
Instead, the DMO stated, they 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.
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.
Both instruments will be redeemed through bullet repayment at their respective maturity dates, ensuring investors are repaid the entire principal value at once.
As with all FGN Bonds, the instruments on auction carry significant benefits and protections under Nigerian law.
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