The Debt Management Office (DMO) said it has raised N130 billion from its N100 billion Ijarah Sukuk bonds
The bonds were issued on November 21, 2022.
The DMO in a statement published on its website also disclosed that it recorded 165 percent oversubscription on the bonds.
The statement read in part, “The Debt Management Office is pleased to inform the public of the successful conclusion of the Issuance of N100bn Sovereign Al ’Ijarah Sukuk. The Offer for N100bn opened on November 21, 2022, and was supported by wide public sensitization to encourage subscriptions from diverse investors, particularly retail investors.
“The initial Offer size of N100bn was upsized to N130bn due to the over 165 percent subscription level. The Sukuk was issued at a Rental Rate of 15.64 percent per annum. This brings the total Sovereign Sukuk Issuance to N742.56bn as of date.”
The DMO noted that the proceeds of the 2022 Sovereign Sukuk, like the previous Sukuk Issue Proceeds, would be used solely for the construction and rehabilitation of key road projects through the Federal Ministry of Works and Housing and the Federal Capital Territory Administration (FCTA).
Since its introduction in 2017, Sukuk bonds have provided N612.56 billion for the Federal Government and have been used to fund 71 roads and six bridges, measuring 1,881 kilometres across the country.
The current amount raised the total amount to N742.56 billion.
