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Your email address will not be published.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

Tech

Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are...

News

Nigerians have lost N4.8 trillion ($2.99 billion) to various scams since 2016, according to findings by Paul Alaje, a prominent Nigerian economist and chief...

Tech

MTN Nigeria has announced the rescheduling of the MTN Champs Grand Finale to honour the legacy of its founding Chairman, Mr. Pascal Gabriel Dozie,...

News

Sextortion scams have become so widespread that the Federal Bureau of Investigation (FBI) is sending agents to Nigeria to help track down the perpetrators....