The Sukuk offer which opened on December 16, 2021 was
subscribed to the tune of N865 billion.
The DMO in a statement yesterday said the outcome
represented a subscription level of 346 percent.
DMO explained that an analysis of the subscription data by
revealed high levels of subscription from banks and fund managers (including
pension funds), as well as non-interest financial institutions, ethical funds,
cooperative societies and retail investors.
“The increasing level of participation by a more diverse and
larger number of investors is a confirmation that the DMO’s objectives of
issuing Sovereign Sukuk to grow the domestic investor base and promote financial
inclusion is being achieved.
“In addition, the high subscription level is proof of
investors’ acknowledgement of the impact the USD362.57 Billion Sovereign Sukuk
issued between 2017 and 2020 has had on the development of road infrastructure
in Nigeria”, the DMO added
The agency reaffirmed that the proceeds of the N250 Billion
Sovereign Sukuk “will be used to finance the rehabilitation and reconstruction
of road projects across the six geopolitical zones and the Federal Capital
Territory”.
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