Emma Ujah, Abuja Bureau Chief

The N150 billion Sovereign Sukuk Issued by the Debt Management Office (DMO) on behalf of the Federal government has attracted N652 billion from investors.

According to the result of the exercise released by the agency this afternoon,  N350 billion has been allocated to various investors

The DMO said that the massive over-subscription was a demonstration of investors’ strong appetite for the FGN instrument.

It said, “The N150 billion Sovereign Sukuk whose Offer for Subscription closed on October 11, 2023, was well received with a Total Subscription of N652.827 billion.

 “This Subscription Level, which is 435% of the amount offered (N150 billion), shows that the level of awareness of the product has increased and that investors are willing to support the financing of infrastructure.

“In response to this strong demand for the Sukuk, the Debt Management Office (DMO) has allocated N350 billion to the diverse investors who subscribed to the Sovereign Sukuk.

“The N350 billion will be used to finance the construction and rehabilitation of roads and bridges across the six (6) geopolitical zones and the Federal Capital Territory.

“The DMO remains committed to meeting the needs of investors while also supporting the development of the domestic capital market.”