MON. 05 DEC, 2022-theGBJournal| Nigeria’s Debt Management Office (DMO) has successfully concluded the Issuance of a N100 billion Sovereign Al ‘Ijarah Sukuk, reporting an upsize to N130 billion due to a 165% subscription level.
The Offer for subscription, which was supported by wide public sensitization to encourage subscription from diverse investors, particularly the retail investors, opened on November 21, 2022 and issued at a Rental Rate of 15.64% per annum.
The upsized subscription level takes the country’s total Sovereign Sukuk Issuance to N742.557 billion as at date, according to the DMO.
”The level of subscription is evidence of investors’ confidence in the use and impact of Sukuk in the construction and rehabilitation of road infrastructure across the country,” the DMO said in a statement today seen by thG&BJournal.
The DMO said, ”the proceeds of the 2022 Sovereign Sukuk, like the previous Sukuk Issuance Proceeds, will 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.”
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