DMO DG , Patricia Oniha

By Ngozi Onyeakusi–‘The Debt Management Office (DMO) has listed the N130 billion Sovereign Sukuk on the Nigerian Exchange Group (NGX) and the FMDQ Securities and Exchange.

A statement issued by DMO explained that the instrument was opened for subscription in November 2022, with an initial offer of N100 billion.

It, however, attracted a subscription level of N165.25 billion.  Consequently, N130 billion was allocated, in order to accommodate various segments of investors.

The Sovereign Sukuk initiative, which was introduced in 2017, has enabled the federal government to raise a total of N742.557 billion to date.

The DMO said that the proceeds have been used for the construction and rehabilitation of 75 roads and bridges, across the country.

It explained that the listing of the N130 billion Sovereign Sukuk on the NGX and FMDQ Securities would expand the range of financial offerings available to investors in the capital market.

The DMO added, “The opportunity to buy and sell the Sovereign Sukuk will provide liquidity to investors and promote price discovery.”