Bonds

• –   Letter expressing desire to invest in Bonds and authority to debit account thereafter
• –   Custodial authority duly signed by client
• –   Copy of physical bill duly signed by investor and reflecting issuers name
• –   Duly signed investment contract confirmation letter showing issuers name.
• –   Filled KYC form

– Account opening form with passport attached and means of identification
– Cheque or lodgment slip
– Custodial authority duly signed by client
– Copy of physical bill duly signed by investor and reflecting issuers name
– Duly signed investment contract confirmation letter showing issuers name.
– Filled KYC form

• –   Federal Government of Nigeria offer specific amounts of bonds in a series.
• –   TROPS collects and distributes forms to Business Offices (where such business offices do not have access to CBN).
• –   Customers collect, complete and return original bid forms indicating the rate at which they wish to bid
• –   Business Offices debit customers accounts and warehouse the funds in an appropriate TROPS Suspense Account at the branch.
• –    Business Office forward duly completed bid forms together with a schedule stating the customers’ names, account numbers and bid amounts and a covering memo to Treasury Operations (TROPS) after moving funds to TROPS Transit Account NGN09991931101.
• –   No bids will be submitted unless customers account has been debited for the value of the bid using customer induced code.
• Business Office will keep schedule and copies of all duly completed application forms submitted through them.
• –   All bid forms must get to TROPS at least 24hrs before the last bid date.
• –   Upon receipt of bids from branches, TROPS confirm that amount moved by respective Business Offices agree with the total value of bids submitted.
• –   TROPS collates and consolidates all duly completed forms received bank-wide and reviews it for completeness.
• –   TROPS prepares a covering letter stating: Names of Customers, Face Value, Issue Date, Maturity Date, Tenor and individual customers’ Bid Rates and submits same together with original copies of the customers bid forms at the CBN/Debt Management Office on the bid date.
• –    On each bid day, TROPS advice Treasury of the total value of bids received bank wide. (see appendix for bid days)
• –   Treasury funds our CBN account to accommodate the banks bid.
• –   CBN debits our CBN Account with the value of successful bids and issues the bank an Allotment letter stating the total amount allotted, the issue and maturity dates and the coupon rate.
• –   Where bids are unsuccessful, TROPS will credit the customers and furnish the Business Offices with a schedule showing all the unsuccessful bids from the branch.
• –   Business Office will debit the above account and credit customer with the bid amount.