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FG raises N362.57bn in three years via Sukuk

…offer oversubscribed by 446%

The Debt Management Office (DMO) has raised a total sum of N362.57 billion via Sukuk specifically for the financing of some key infrastructure projects across the country. The debt agency, which confirmed the figure in a statement in Abuja yesterday, added that the recent ond of N162 .557 billion listed yesterday both at the Nigerian Stock Exchange and FMDQ Securities Exchange, was the third in series of Sukuk bond raised by the current administration for the financing of infrastructure projects across the country.

corded massive subscription to the tune of N669.124 billion, translating to 446 per cent. The bond was issued to finance 44 economic road projects across the six geo-political zones. “With the listing, investors, who are already holding the bond, can trade them while new investors have the opportunity to buy the bond in the secondary market,” the statement added.

The DMO started the issuance of Sovereign Sukuk in September 2017 as one of the measures towards attaining its strategic objective of bridging infrastructure gap in Nigeria in order to promote job creation and economic growth. Following the successful issuance of the N100 billion debut Sukuk in 2017, the DMO issued another N100 billion in 2018.

The proceeds of the two bonds were deployed to the rehabilitation and reconstruction of roads across Nigeria. Through the initiative, the DMO has raised a total of N362.57 billion in less than three years for the rehabilitation and construction of major economic roads across the country.

In addition, by issuing the bond, the product range available to investors in the domestic financial market has increased, while several retail investors have been attracted to the financial markets. “The DMO remains committed to providing funding for the government, as approved from time to time, to finance the development of infrastructure whilst also deepening the domestic financial markets and mobilising savings,” the agency noted.

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