CBN issues notice on unclaimed FGN interests, redemption

Central Bank of Nigeria has issued notice in respect of unclaimed interest/redemption proceeds on Federal Government of Nigeria Bonds.

In a statement Thursday, the apex bank listed investors with unclaimed interest/redemption, advising them to contact their banks/brokers for redemption.

The CBN said: “The underlisted investors in Federal Government of Nigeria Bonds are hereby advised to contact their banks/brokers for redemption form, in case of Redemption Proceeds.

“Same should be forwarded with other evidence of their investments, including account details to the Director, Banking Services Department, Central Bank of Nigeria Tinubu Square, Lagos for direct payments of interest/redemption proceeds into their accounts.”

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The Interest list has 26 names, whilst 63 persons were listed for redemption.

The FGN Bonds are debt securities (liabilities) of the Federal Government of Nigeria issued by the Debt Management Office for and on behalf of the Federal Government.

The FGN has an obligation to pay the bondholder the principal and agreed interest as and when due.

When one buys the FGN Bonds, one is lending to the FGN for a specified period of time. The FGN Bonds are considered as the safest of all investments in the domestic debt market because it is backed by the ‘full faith and credit’ of the Federal Government, and as such is classified as a risk-free debt instrument.

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The June edition of the Federal Government of Nigeria Savings Bond, which was opened on June 7, 2021 and closes June 11, 2021, has the following terms: 2-Year FGN Savings Bond due June 16, 2023 with an Interest Rate: 8.889 percent; 3-Year FGN Savings Bond due June 16, 2024 with an Interest Rate of 9.889 per cent.

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