Sponsored Posts
DMO lists N130billion Sukuk on the NGX and FMDQ
The Debt Management Office (DMO) of the Presidency has announced the listing of N130 billion sovereign sukuk on the Nigerian Exchange and FMDQ starting on August 8, 2023.
This was disclosed in a statement from the debt management office.
The listing of this security follows the successful oversubscription of the N100 billion opened in November 2022. This current listing is geared towards accommodating the needs of investors towards the facility.
About this current sukuk
According to the statement, “The sovereign sukuk was opened for subscription in November 2022, with an initial of N100 billion however, it garnered immense interest from investors with a remarkable subscription level of N165.25 billion which represents over 165% of the amount offered.
To accommodate the need of diverse investors who subscribed to the Sukuk, N130 billion was allocated.
Sukuk bonds are investment certificates representing ownership of the holder in an asset. Since 2017 when the Federal government began issuing sovereign sukuk, the DMO has raised about N742.55 billion whose proceeds have been used for road construction and other infrastructure projects across the country.
The last DMO issued sukuk in 2017 had an interest return of 16.47% with a tenor of 7 years. It was used in the construction of roads across the six geopolitical zones of Nigeria.
Why this sukuk
According to the DMO release,
- “The listing of the N130 billion sovereign sukuk on the NGX and FMDQ securities exchange will expand the range of financial offerings available to investors in the capital markets.”
It noted that;
- “The opportunity to buy and sell the sovereign sukuk will provide liquidity to investors and promote price discovery.”
What you should know
Since the FGN Sukuk initiative started, over 75 roads across states in the country including Ibadan-Ilorin Road, Kaduna Eastern bypass, and Loko Oweto bridge over the River Benue among others.
Interested investors are to contact the registered placement agent listed on the DMO website for inquiries.
- Top Stories12 hours ago
Breaking: FIRS Officially Launches Recruitment Portal, List Positions
- Politics12 hours ago
Peter Obi Makes U-turn, Sets Record Straight On Church Vigils Statement
- Top Stories12 hours ago
Those Importing PMS Cheaper Than Ours Are Selling Substandard Products – Dangote
- News12 hours ago
Ondo Decides2024: You’ve destroyed Akeredolu’s legacy – Ajayi tells Aiyedatiwa
- Top Stories10 hours ago
#USDecides2024: Bill Clinton has hopes and fears on what comes after 2024 …
- Entertainment12 hours ago
AMAA 2024: Femi Adebayo’s ‘Jagun Jagun’ bags 3 awards
- Entertainment10 hours ago
Miami Beach officially revokes Diddy’s Key to the City
- Entertainment5 hours ago
Legendary music producer, Quincy Jones d!es at 91