FRI 24 DEC, 2021-theGBJournal- The 2021 Sovereign Sukuk issued last week Wednesday has been oversubscribed by 346% showing continuous investors’ confidence in the impact of the Sukuk on the nation’s infrastructural development, the Debt Management Office (DMO) said Friday.
The offer closed yesterday, attracting an unprecedented subscription level of N865 billion, with high level of subscription coming from banks and fund managers (including pension funds), as well as non-interest financial institutions, ethical funds, cooperative societies and retail investors.
He DMO said the increasing level of participation by a more diverse and larger number of investors is a confirmation of its objectives of issuing Sovereign Sukuk to grow the domestic investor base and promote financial inclusion is being achieved.
‘’In addition, the high subscription level is a proof of investors’ acknowledgement of the impact of the US$362.57 billion Sovereign Sukuk issued between 2017 and 2020 has had on the development of road infrastructure in Nigeria.’’
The DMO reaffirmed its commitment to ensure that the proceeds of N250 billion Sovereign Sukuk will be used to finance the rehabilitation and reconstruction of road projects across the country’s six geopolitical zones and the Federal Capital Territory.
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