The Central Bank of Nigeria has called on Investors in Federal Government of Nigeria Bonds to come and claim the proceeds of their investments.
The apex bank made this call through an publication on its website, termed “Advertisement in Respect of Unclaimed Interest/Redemption Proceeds on FGN Bonds.”
THE UNDER LISTED INVESTORS IN FEDERAL GOVERNMENT OF NIGERIA BONDS ARE HEREBY ADVISED TO CONTACT THEIR BANKS/BROKERS FOR REDEMPTION FORM IN CASE OF REDEMPTION PROCEEDS AND FORWARD 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
The list published on the website of the Central Bank of Nigeria contained 63 names of Investors.
|1||ABIMIFOLUWA A. SOKUNBI|
|2||ADEJORO FREDERICK BOLORUNDURO|
|3||ADEKANMI OLUWAYOMI ELIJAH|
|4||ADENIJI ADESOLA FITIN|
|5||ADEPETU CHRISTIANA TINUADE|
|7||ADETOLA BABAJIDE ADELOWO|
|8||ADETOLA OBAFEMI BORISADE|
|9||AFIMIFOLUWA ITEOLUWAKIISHI SOKUNBI|
|10||AFOLABI GRACE OMOLADE|
|11||AJALA RAFIU OLAYINKA|
|12||AKEMI ERIC EBIKONBOWEI|
|13||AKINJIDE OMONIKE AJIBIKE (MRS)|
|14||AKINTAYO GABRIEL OLADAPO|
|17||AMOS MODUPE IBIRONKE|
|18||ANEKWE CHUKA MICHAEL|
|19||BANJOKO ADENIKE OLUBUKONLA|
|20||BANJOKO OLUFEMI AND BILIKISU|
|21||CASHCRAFT BEDROCK FUND/BOI|
|22||CHAPEL HILL DENHAM SECURITIES LIMITED|
|23||EDGEFIELD CAPITAL MANAGEMENT LIMITED|
|24||EDITH YERI OYINTARE|
|25||EGWO IRENE CHINAKA|
|26||ELEYI ISRAEL KPOMASURU|
|27||EMELERETA FREDERICK AKPOTU JEREMIAH|
|28||FEMI-ADENIYI OLUTOYIN ABIKE OLUBUNMI|
|29||FIDELITY FINANCE LTD|
|30||GREENWICH TRUST LTD|
|31||HASSAN TANKO YAMUSA|
|32||INTERNATIONAL INVESTOR'S NOMINEE ACCT 21|
|33||IWEGBUE NGOZI SOPHIA|
|34||JOHNSON EMMANUEL ABAYOMI|
|35||KAYODE REUBEN A.|
|36||KOLAWOLE PAUL ADEBOWALE|
|37||MBC SECURITIES NOMINEE MMTA|
|38||NGOZIKA CHIBUZO CHUKWUEWUZIE|
|39||NKADI ESEOGHENE ELIZABETH|
|40||NNOLIM BENEDICT NWANKWO|
|41||NNOLIM GEOFREY MMADUBUKO|
|42||NWANKWO ALEXANDER OGBONNA|
|44||NWOSU IKECHUKWU JOSEPH|
|45||OBIEKE CHRISTOPHER AYAEGBUNAM|
|46||OBOMANU GAMALIEL FELIX|
|47||OCHOGBU PATRICIA IDUNOBA|
|48||ODUNLAMI DARASIMI TOLUWANI|
|50||OKORODUDU EBILADE WILLIAMS|
|51||OLAWOYE GRACE OBAFUNKE|
|53||OLUNEYE BISOLA OKUBOYEJO TRUST FOUNDAT|
|54||OMOGBAI RACHAEL OMOLUWA|
|55||OMOLAYO MICHAEL OLAJIDE|
|56||ONUBA NKECHI NDJIDEKA|
|58||PARTNERSHIP INV CO/ECOBANK NIG PLC|
|60||QUANTEQ TECHENOLOGY SERVICE LTD|
|62||TERIBA OLUWADARASIMI JOEL|
|63||UDOM UBON ANDERSON|
What is a Government Bond
According to Investopedia, “A government bond is a debt security issued by a government to support government spending and obligations. Government bonds can pay periodic interest payments called coupon payments. Government bonds issued by national governments are often considered low-risk investments since the issuing government backs them.
What is an FGN (Federal Government of Nigeria) Bond
FGN Bonds are debt securities (liabilities) of the Federal Government of Nigeria (FGN) issued by the Debt Management Office (DMO) 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 you buy FGN Bonds, you are lending to the FGN for a specified period of time. The FGN Bonds are considered as the safest of all investments in domestic debt market because it is backed by the ‘full faith and credit’ of the Federal Government, and as such it is classified as a risk free debt instrument. They have no default risk, meaning that it is absolutely certain your interest and principal will be paid as and when due. The interest income earned from the securities are tax exempt.
The Federal Government of Nigeria (FGN) issues Bonds for the following reasons:
- To finance government fiscal deficits in a non-inflationary and sustainable manner.
- To enhance fiscal discipline of the Government.
- To refinance maturing debt obligations of the Federal Government.
- To establish benchmark yield curve, this serves as reference for pricing bonds issued by other bodies, especially the private sector issuers.
- To develop and ensure liquidity in the domestic bond market on a sustainable basis.
- To enhance and deepen the savings and investment opportunities of the populace.
- To sustain the development of other segments of the Bond market.
- To diversify government financing sources.
On January 7, 2021, Investogist reported that a provision in the Finance Bill 2020 empowers the FG to take over unclaimed dividends and dormant account balances unutilised for more than six years as special credit through the Unclaimed Funds Trust Fund.
The Act states: “From the commencement of this Act, any unclaimed dividend of a public limited liability company quoted on the Nigerian Stock Exchange and any unutilised amounts in a dormant bank account maintained in or by a deposit money bank which has remained unclaimed or unutilised for a period of not less than six years from the date of declaring the dividend or domiciling the funds in a bank account shall be transferred immediately to the Unclaimed Funds Trust Fund:
“Provided that this section shall not apply to official bank accounts owned or belonging to the Federal Government, State Government or Local Government, or any of their Ministries, Departments or Agencies.”
Unclaimed proceeds of the FGN bonds is likely to fall into this category, hence the need for the Investors to make haste and claim their monies.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur