The Debt Management Office (DMO) on Tuesday offered a subscription to Ijarah Sukuk, valued at N150 billion.
According to a statement by the DMO, the Sukuk is issued by
Federal Government of Nigeria (FGN) Roads Sukuk Company PLC, on behalf of the
Federal Government.
It said that the Sukuk were offered at N1,000 per unit,
subject to a minimum subscription of N10,000 and in multiples of N1,000
thereafter.
“Rental payment is made half-yearly, and bullet repayment is
done on the date of maturity.
“Proceeds will be used solely for the construction and
rehabilitation of key road projects and bridges across the six geopolitical
zones of the country,” the DMO said.
It added that the Ijarah Sukuk was backed by the full faith
and credit of the Federal Government.
“It qualifies as securities in which trustees can invest
under the Trustee Investment Act.
“Qualifies as government securities within the meaning of
the Company Income Tax Act and Personal Income Tax Act for tax exemption for
pension funds, among other investors.
“To be listed on the Nigerian Exchange Limited and FMDQ
Securities Exchange Limited, ” it said.
It added that the Ijarah Sukuk was classified as liquid
asset by the Central Bank of Nigeria (CBN) and certified by the Financial
Regulation Advisory Council of Experts of the CBN.
NAN