The Debt Management Office (DMO) has announced that the N100bn Sovereign Al ‘Ijarah Sukuk, which it offered to the public received N130bn extra from the initial subscription.
In a statement on Monday, DMO said the offer for the new SUKUK opened on November 21, 2022, and was supported by wide public sensitisation to encourage subscription from diverse investors, particularly retail investors.
“The initial 0ffer size of 100 billion was upsized to N130bn due to the over 165% subscription level. The Sukuk was issued at a rental rate of 15.64% per annum. This brings the total Sovereign Sukuk issuance to N4742.557 billion as at date.”
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“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 proceeds of the 2022 Sovereign Sukuk, like the previous Sukuk Issue 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.
“The DMO appreciates all the investors (Retail investors, banks, pension fund administrators, assets/fund managers, insurances companies, ethical funds, takaful operators/non-interest banks, stockbrokers, government agencies, high net worth individuals, trustees and unit trusts) who have continued to support the federal government’s infrastructure development efforts through Sukuk financing.”
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