Connect with us

Hi, what are you looking for?

News

N100bn FG Sukuk Records 165% Oversubscription – DMO

DMO

The N100billion Federal Government Sukuk put on offer has recorded about 165 per cent oversubscription.

This is contained in a statement by the Debt Management Office (DMO) on Tuesday in Abuja.

The DMO said the sovereign sukuk closed on a high note with 165 per cent oversubscription, totalling N130 billion.

The Sukuk offer, which was issued at a rental rate of 15.64 per cent, brings the total Sovereign Sukuk issuance, since inception in 2017, to N752, 557 billion.

It said that proceeds from the offer will be deployed solely for the construction and rehabilitation of certain strategic road infrastructure across the country.

“The level of subscription is evidence of investors’ confidence in the use and impact of Sukuk in construction and rehabilitation of road infrastructure across the country.

“The proceeds of the 2022 Sovereign Sukuk, like the previous Sukuk Issue Proceeds, will be used solely for the construction and rehabilitation of key road projects.

“The proceeds will be deployed through the Federal Ministry of Works and Housing and the Federal Capital Territory Administration,” the DMO said.

It commended the investors for their continuous support to the Federal Government’s infrastructure development efforts through Sukuk financing.

“The strong participation of retail investors, ethical funds and non-interest financial institutions in the Sukuk offering attest to the fact that the government’s objective of promoting financial inclusion is being achieved.

“The DMO, in its part, will work to sustain laudable achievements recorded so far in the use if the Sukuk Issue proceeds for the construction and rehabilitation of Nigerian roads.

“This will enhance ease of doing business safely on our roads, job creation, economic growth and prosperity for our nation,” it said. (NAN)

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

Opinion

By Cyprian Nwodo The recent activities of some individuals with one Davids Iyida attempting to sabotage the MoMo Payment Service Bank project intended to...

News

Economic and Financial Crimes Commission has barred foreign missions based in Nigeria from transacting in foreign currencies and mandated them to use Naira in...

Tech

E-Commerce giant with reputation for integrity and trust, Konga Online, has partnered with global OEMs like Samsung, Apple, Starlink, HP, Lenovo, Hisense, Zinox, Philips,...

News

Dana Air has laid off about 1000 employees, including 583 permanent members of staff and expatriates, following the suspension of its operations by the...