Yes, FGN Savings Bonds can sometimes be used as collateral for a bank loan, but whether a bank will accept them and how much it will lend depends on the bank’s credit policy.
How FGN Savings Bonds Work
If you invest ₦30 million in an FGN Savings Bond:
You become a creditor to the Federal Government.
The government pays you interest every quarter.
At maturity (typically 2 or 3 years), you receive your ₦30 million principal back.
The bond is held electronically through your CSCS account and broker, not as a traditional paper certificate.
Can You Borrow ₦50 Million Against a ₦30 Million Bond?
Generally, no.
Banks usually lend only a percentage of the value of the collateral. This is called the Loan-to-Value (LTV) ratio.
For high-quality securities like government bonds, a bank might lend:
70%–90% of the bond’s value, depending on the bank and bond type.
Using ₦30 million as collateral:
LTV Ratio
Possible Loan
70%
₦21 million
80%
₦24 million
90%
₦27 million
A ₦50 million loan against a ₦30 million bond would mean borrowing about 167% of the collateral value, which is generally beyond normal lending practice.
Why Banks Like Government Bonds as Collateral
Because they are:
Backed by the Federal Government.
Relatively low-risk.
Easy to value.
Capable of generating income while pledged.
Important Considerations
Before accepting the bond as collateral, the bank may consider:
The remaining time to maturity.
The bond’s market value.
Your income and repayment capacity.
Existing banking relationship and credit history.
Alternative Scenario
If you had:
₦30 million in FGN Savings Bonds, and
Additional income, assets, or cash flow,
the bank might consider a larger facility based on the overall credit profile, but not solely because of the ₦30 million bond investment.
So, as a rule of thumb:
₦30 million in FGN Savings Bonds could potentially support a loan in the neighborhood of ₦21–₦27 million, depending on the bank’s LTV policy, but not typically ₦50 million on the bond alone.
If your goal is to maximize borrowing power while keeping your investment intact, I can explain how Nigerian banks treat:
FGN Savings Bonds,
Treasury Bills,
FGN Bonds,
Fixed Deposits,
Shares in a CSCS account,
as collateral, and which usually gives the highest loan-to-value ratio.

Yes. The notification you received is most likely for a new FGN Savings Bond offer, not the old one that closed months ago.
The Debt Management Office (DMO) has opened the June 2026 FGN Savings Bond subscription, and it was published today, June 1, 2026.
A key thing to know is that FGN Savings Bonds are issued monthly. Each month’s offer opens for subscription for a few days and then closes. After it closes, a new offer is released the following month with potentially different interest rates and maturity dates.
For the current June 2026 offer:
Subscription opened on June 1, 2026.
It is a different issuance from the previous months’ offers.
The June offer is reported to have yields of up to about 14.8% per annum.
Minimum investment remains ₦5,000, with units sold at ₦1,000 per unit and a maximum subscription of ₦50 million.
You can verify the current offer directly on the official dmo.gov.ng, where each month’s subscription document is published separately.
One thing to note: if you invested in a previous FGN Savings Bond that has already been allotted, that investment remains active until maturity. The new June offer is simply another opportunity to buy additional bonds; it does not replace or affect your earlier subscription.
If you want, I can also explain the difference between:
FGN Savings Bond
FGN Bond Auction
Treasury Bills (T-Bills)
Money Market Funds
and show which currently makes the most sense for someone investing ₦5,000–₦10,000 monthly in Nigeria.

This is usually not a problem with Bamboo itself.
When you buy shares through invest.ngxgroup.com, the shares are allotted and then credited to the CSCS account linked to the application. The process can take several business days after the offer closes or after the shares are officially allotted.
A few things to check:
Has the share offer been allotted yet?
If it was a public offer, rights issue, or offer for subscription, the shares may not be credited immediately after payment.
Wait for the allotment and CSCS credit process to be completed.
Is the CSCS account the same as the one linked to Bamboo?
If you used a different CSCS account when applying on NGX Invest, the shares will not appear in Bamboo.
Check the CSCS account number you entered during the application.
Check your allotment notification
NGX Invest or the issuing house usually sends an email/SMS showing the number of shares allotted and the CSCS account credited.
Contact Bamboo support
If the shares have already been allotted and credited to the same CSCS account linked to Bamboo, Bamboo may need to refresh or reconcile your portfolio records.
To help further, can you tell me:
Which company’s shares did you buy?
Was it a public offer, rights issue, or regular secondary-market purchase?
What date did you make the purchase?
Did you use the same CHN/CSCS details that are linked to your Bamboo account?
With those details, I can explain exactly when the shares should appear and what the next step should be.

You are dealing with two separate issues here:
Recovering your NAHCO shares (ownership)
Recovering unpaid dividends (money owed to you)
I’ll break it down in a clean, practical way using how the Nigerian capital market actually works (CSCS + registrars system).
1. First important truth: Your shares are NOT lost
Even if:
You don’t have certificates anymore
You stopped receiving dividend alerts
You changed address, phone, or email
Your shares in Nigerian Aviation Handling Company Plc still exist because they are held electronically in the system via:
CSCS (Central Securities Clearing System)
Registrar: CardinalStone Registrars Limited
So this is not “lost money”—it is a record tracing problem, not an ownership problem.
2. Why you stopped receiving dividends
From what you described (you used to receive dividend certificates before), the most likely causes are:
Your bank details were never migrated to e-dividend system
Change of address / phone number
Name mismatch (e.g., spelling, middle name differences)
Shares not fully dematerialized into CSCS properly
Dividends now being classified as unclaimed dividends
This is very common in Nigeria after dematerialisation.
3. How to recover your shares (STEP-BY-STEP)
Step 1: Contact the Registrar (CardinalStone)
You must start here.
Send them:
Full name used when buying shares
Old addresses (very important)
Phone number(s) used then
Any old dividend warrant / certificate (if available)
Means of ID (NIN, passport, etc.)
Ask specifically for:
“GLOBAL SEARCH of my shareholder record and CSCS number”
They will check across:
NAHCO register
Old physical records
CSCS database
Step 2: Request your CHN / CSCS details
If your shares exist electronically, they will retrieve:
Your CHN (Clearing House Number)
Number of shares held
Dividend history
This step confirms ownership officially.
Step 3: Fill e-Dividend Mandate Form
This is CRITICAL.
You must complete the e-dividend form so future payments go directly to your bank.
This is also available through the registrar or your bank.
Once processed:
All future dividends will go straight into your account
No more dividend certificates
Step 4: Claim ALL unclaimed dividends
Once your records are corrected, you can request:
Backlog dividends (past unpaid ones)
This is handled by:
CardinalStone Registrars
Sometimes via SEC unclaimed dividend portal
4. What if shares are “missing” or not found?
If the registrar says they cannot immediately find your record:
Then you escalate with a global search through stockbrokers/CSCS tracing.
They may ask:
Old broker name (very important)
Employment records (since you said service year shares)
Any purchase receipts
This is standard “lost shareholder trace process” in Nigeria.
5. Do NOT panic about ownership
Even without documents:
Your shares cannot disappear
Companies and registrars are legally required to maintain records
Worst case: it takes longer to trace, not that it is gone
This is supported by how CSCS maintains all listed securities electronically in Nigeria’s market system
6. What you should do TODAY (simple action plan)
Write down your full old details (as used during NYSC)
Contact:
cardinalstoneregistrars.com
Request:
Global search
CSCS retrieval
Fill e-dividend form
Confirm bank details for payment
7. If you want, I can help you go further
If you reply with:
Approx year you bought the shares
Whether you used a stockbroker (and name if you remember)
Whether you still have any dividend slip
I can map out a very precise recovery path for your exact case, including what to say when you contact the registrar so you don’t get bounced around.

In general, a genuine loan is not taxable income. If you borrow ₦5,000,000 and it is paid into your bank account, the fact that the money entered your account does not by itself make it taxable.
However, the tax treatment depends on whether you are looking at personal tax or business tax, and whether you can demonstrate that the money is truly a loan.
1. Is the ₦5,000,000 loan taxable?
Normally, no.
A loan creates:
An asset (cash received)
A liability (obligation to repay)
Since you must repay the money, it is not considered profit or income.
For example:
Transaction
Taxable?
Salary received
Yes
Business profit earned
Yes
Dividend received
Usually yes (subject to applicable rules)
Bank loan received
No
Loan from family/friend to be repaid
No
The key point is that there should be evidence that it is genuinely a loan:
Loan agreement
Repayment schedule
Bank transfer records
Correspondence between lender and borrower
Without supporting documentation, tax authorities may ask questions if large unexplained inflows appear in an account.
2. Can the borrowed principal be deducted from tax?
Generally, no.
The ₦5,000,000 itself is not a deductible expense because it is not a business cost; it is financing.
Likewise, repaying the principal amount is usually not tax-deductible.
Example:
Borrow ₦5,000,000
Repay ₦5,000,000 over three years
The repayment itself normally does not reduce taxable profit.
3. What about interest on the loan?
This is where things differ.
If the loan is used for business purposes, interest paid on the loan is often treated as a business finance expense and may be deductible when calculating taxable business profits, subject to the applicable tax rules and limitations.
Example:
Loan: ₦5,000,000
Interest paid during year: ₦500,000
Business profit before interest: ₦3,000,000
The interest expense may reduce the taxable profit calculation if it qualifies under the relevant tax provisions.
For significant amounts, it is worth obtaining advice from a Nigerian tax professional because deductibility can depend on:
The nature of the business
How the loan proceeds were used
Whether the transaction is at arm’s length
Current tax regulations
4. What if the loan is interest-free?
An interest-free loan is usually simpler.
If:
You borrow ₦5,000,000
No interest is charged
You repay over 2–3 years
Then there is generally:
No taxable income merely from receiving the loan
No interest deduction (because no interest was paid)
No tax deduction for principal repayments
The main issue is maintaining proper documentation showing that the money is a loan and not income.
5. What if the business makes losses?
Suppose:
Loan received: ₦5,000,000
Business revenue: ₦1,000,000
Business expenses: ₦1,500,000
The loan itself is not part of taxable profit.
Tax calculations are generally based on the business’s income and allowable expenses, not on the amount borrowed.
Practical example
Year 1:
Loan received: ₦5,000,000
Sales revenue: ₦8,000,000
Operating expenses: ₦6,000,000
Interest paid: ₦400,000
Simplified calculation:
Revenue = ₦8,000,000
Less expenses = ₦6,000,000
Less allowable interest = ₦400,000
Taxable profit ≈ ₦1,600,000
The ₦5,000,000 loan does not enter the profit calculation because it is not income.
Important compliance point
If the lender is a friend, family member, or private individual, it is wise to have a written loan agreement even if no interest is charged. If tax authorities or a bank later ask about the source of funds, you can demonstrate that the inflow was borrowed money rather than undeclared income.
For a specific Nigerian business structure (sole proprietorship, partnership, or limited company), the detailed tax treatment can vary, and professional tax advice is worthwhile before taking a large loan.