From Uche Usim, Abuja
The Debt Management Office (DMO), on Thursday, listed N130 billion sovereign Sukuk on the Nigerian Exchange Group (NGX) and the financial markets dealers quotation (FMDQ) Securities Exchange, bringing the total sovereign Sukuk issued from 2017 till date at N742.557 billion.
The Sukuk funds have facilitated the construction and rehabilitation of over 75 Nigerian roads and bridges across the country.
The sovereign Sukuk was opened for subscription in November 2022 with an initial offer 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 needs of diverse investors who subscribed to the Sukuk, N130 billion was allocated.
The DMO in a statement said 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 market. The opportunity to buy and sell the Sovereign Sukuk will provide liquidity to investors and promote price discovery.