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DMO lists N162.6bn sovereign Sukuk

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DMO, External borrowing

By Emma Ujah,  Abuja Bureau Chief

The Debt Management Office (DMO) has listed its third Sovereign Sukuk worth N162.557 billion on the Nigerian Stock Exchange and the FMDQ Securities Exchange.

The instrument has a seven-year tenure at the rate of 11.2 percent with maturity in 2027.

The DMO, in a statement, yesterday, said the Sukuk, which at the time of issuance was massively subscribed to the tune of N669.124 billion or 446 percent, was used to finance 44 economic road projects across the six geopolitical zones of the country.

“With the listing, investors who are already holding the Sukuk security can trade them while new investors have an opportunity to buy in the secondary market,” the statement added.

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DMO said the issuance of Sovereign Sukuk in September 2017 is one of the measures towards attaining its strategic objective of bridging the infrastructure gap in Nigeria to promote job creation and economic growth.

Following the successful issuance of the N100 billion Sukuk in 2017, the agency issued another N100 billion Sukuk in 2018. The proceeds of the two Sukuk were deployed to the rehabilitation and reconstruction of road projects across the nation.

Through the Sovereign Sukuk initiative, DMO has raised a total sum of N362.57 billion in less than three years for the rehabilitation and construction of major economic roads in the six geo-political zones.

DMO said that “by issuing Sovereign Sukuk, the product range available to investors in the domestic financial market has increased, while several retail investors have been attracted to the financial markets.”

 

Vanguard News Nigeria

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