5th July, 2022
By Kadiri Abdulrahman
The Debt Management Office (DMO) has listed N250 billion Sovereign Sukuk on the Nigerian Exchange (NSE) Limited and the FMDQ Securities Exchange.
Proceeds from the Sovereign Sukuk, which was heavily oversubscribed, were meant for the execution of infrastructural projects across the country.
According to the DMO, the listing is done to maximise market liquidity for investors in the Sovereign Sukuk.
“To maximise market liquidity for investors in the Sovereign Sukuk, the DMO is listing the N250 Billion Sovereign Sukuk, which was issued in December 2021, on the NSE and the FMDQ Securities Exchange.
“The N250 Billion Sovereign Sukuk is the fourth one issued by the DMO and had a massive oversubscription of N865 Billion at the time of issuance.
“This made it the highest subscription level recorded since the first Sukuk issuance in September 2017.
“It is also a representation of investors’ growing confidence in the benefits of Sukuk to the development of the Nigerian economy,” the DMO said.
It added that the proceeds of the Sovereign Sukuk since its inception have been deployed towards the construction and rehabilitation of road networks across the six geopolitical zones.
Also, that the impact of such projects has been evident.
“Currently, proceeds from the N250 Billion Sovereign Sukuk are being utilised across 77 key economic road projects in the country.
“The projects include the completion of roads B6, B12 and Circle road, Abuja; Abuja-Lokoja road (Koton Karfe-Lokoja); and rehabilitation of Yola-Hong-Mubi road in Adamawa State.
“Others are dualisation of Kano-Katsina road; dualisation of Sapele-Ewu road; rehabilitation of Old Enugu – Onitsha road; dualisation of Ibadan-Ife-Ilesah road; dualisation of Akure–Ado Ekiti road, among others,” it said.