The Debt Management Office (DMO) has announced the listing of N162.557 billion 7-year at 11.200 percent Al Ijarah Sovereign Sukuk on the Nigerian Stock Exchange (NSE) and FMDQ Securities Exchange.
The DMO stated Thursday that the Sukuk listing would be due in 2027
Sukuk is a legal instrument, which is the Arabic name for financial certificates. They are securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets.
According to the DMO, the Sukuk which at the time of issuance was massively subscribed to the tune of N669.124 Billion or 446 per cent, was issued to finance 44 economic road projects across the six (6)-geopolitical zones
The debt office called on the investing public to avail themselves by trading in the Sukuk. “With the listing, investors who are already holding the Sukuk can trade them while new investors have an opportunity to buy the Sukuk in the secondary market.”
Recall that in September 2017, the DMO commenced the issuance of Sovereign Sukuk as one of the measures towards attaining its strategic objective of bridging the infrastructure gap in Nigeria to promote job creation and economic growth.
“Following the successful issuance of the N100 Billion debut Sukuk in 2017, the DMO issued another N100 Billion Sukuk in 2018. The proceeds of the two (2) Sukuks were deployed to the rehabilitation and reconstruction of road projects across Nigeria.
” Through the Sovereign Sukuk initiative, the DMO has raised a total sum of N362.57 Billion in less than three (3) years for the rehabilitation and construction of major economic roads across the country. In addition, by issuing Sovereign Sukuk, the product range available to investors in the domestic financial market has increased, while, several retail investors have been attracted to the financial markets.”
The DMO stressed that it remains committed to providing funding for the Government, as approved from time to time, to finance the development of infrastructure whilst also deepening the domestic financial markets and mobilizing savings.
Comments are closed.