THUR MAY 29 2025-theGBJournal| The Federal Government’s N300 billion Series V1 Sovereign Sukuk offer clocked an unprecedented subscription level of over N2.205 trillion, says the Debt Management Office (DMO).
This represents an excess of 735% subscription, and a clear evidence of the huge investor-appetite for the ethical instrument introduced by the DMO in 2017 as an innovative strategy to expand the nation’s investor base and provide opportunities for all Nigerians to participate in the activities of the capital market.
An analysis of the subscription by the DMO on Wednesday, showed that the subscribers cut across various segments of the public retail, and non-interest banks and financial institutions, banks, pension fund administrators, asset/fund managers and others.
The DMO said funds realized from the Issuance will be used by the federal government, like the previous series, to construct new roads and rehabilitate existing ones, as well as build bridges in the six geo-political zones of the country and the Federal Capital Territory (FCT).
The DMO said it remains committed to providing safe and liquid investment products to the public and supporting the FGN’s development plans.
”The raising of the funds through Sukuk to finance infrastructure projects aligns with Mr President’s (President Tinubu) Renewed Hope Agenda of which infrastructure development is a key pillar,” the DMO added.
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