FG makes N132bn from Sukuk auction

The Debt Management Office (DMO) has said there has been an oversubscription of its Sukuk offer by N32billion.

In a document published on its website, DMO had offered a N100billion Sukuk for subscription which was opened from December 6, 2018 and expected to close on December 17, 2018. It noted that the interest payment is half-yearly.

But the DMO, in a statement issued to newsmen on Friday, said the total subscription received from bidders at the auction was N132billion.

“The Debt Management Office (DMO) has announced the result of its recent public offering of N100 billion, 7-year 15.743% Sovereign Sukuk due 2025. In the announcement, the DMO said it received subscriptions of over N132 billion from 2,073 Investors.

“The high success rate of the Sukuk, which is the second by the Federal Government of Nigeria showed investors’ appetite for FGN Securities and also their interest in the fact that the proceeds will be used to improve the state of road infrastructure in the country,” the statement noted.