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.
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.
According to the DMO release,
It noted that;
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.
Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…
Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…
– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…
The Coalition of Lagos Indigenous Youths has rejected the recent endorsement of Mr Seyi Tinubu,…
Biafra activist Simon Ekpa has been arrested in Finland over terrorism. Newsone Nigeria reports that the self-acclaimed leader of…
A former Deputy National Chairman of the Peoples Democratic Party, Chief Bode George, has advised…