The Debt Management Office, DMO, has offered for subscription N250 billion Sovereign Sukuk instrument for N1,000 per unit.
DMO stated this yesterday on its website saying: ”This Sovereign Sukuk, which will be the fourth to be issued by DMO since its first Sukuk issuance in September 2017, is for a Tenor of ten (10) years at a Rental Income of 12.80 per cent per annum which will be paid half-yearly. The offer closes December 22, 2021.”
Sukuk is the Arabic name for financial certificates, also commonly referred to as “sharia complaint” bonds.
According to the Office, the proceeds of the Sukuk would be used to finance critical road projects across the country.
Narrating the history of Sukkuk, DMO said: ”So far, through the issuance of Sovereign Sukuk in 2017, 2018 and 2020, the DMO has raised a total of sum of ₦362.57 billion which have been deployed to the rehabilitation and construction of critical economic road projects across the country.
“The impact of the Sovereign Sukuk on road infrastructure in terms of job creation, travel time, safety and movement of goods has made the Sukuk a beneficial financial instrument for financing economic growth and development.”
The office called on Institutions, individuals, associations and cooperative societies to invest in the Sovereign Sukuk to support the DMO towards raising project-tied funds and promoting financial inclusion.
