3rd August, 2023
By Kadiri Abdulrahman
The Debt Management Office (DMO) plans to increase its capital market offering by listing its N130 billion Sovereign Sukuk on the Nigerian Exchange Ltd. (NGX) and the FMDQ Securities Exchange Ltd.
This was announced in a statement available on its website on Thursday.
According to the announcement, the N130 billion Sovereign Sukuk’s listing on the NGX and FMDQ will broaden the range of financial offerings available to capital market participants.
“The opportunity to buy and sell the Sovereign Sukuk will provide liquidity to investors and promote price discovery,” it said.
It revealed that the total Sovereign Sukuk issued since the product was introduced in 2017 stood at N742.57 billion.
“The proceeds have facilitated the construction and rehabilitation of over 75 Nigerian roads and bridges,” the DMO said.
The N130 billion Sovereign Sukuk went on sale in November 2022, with a N100 billion initial offer.
It did, however, pique the interest of investors, with a subscription level of N163.25 billion, representing more than 165 percent of the amount offered.
On the other hand, the DMO allotted a total of N130 billion to meet the diversified investment demands of the product’s subscribers.
The NGX, formerly known as the Nigerian Stock Exchange (NSE), and the FMDQ offer a variety of services, including securities listing and tracing, licencing, and market data solutions.
NAN