Nigeria: FG's $188mln Sukuk attracts over $1.3bln in record-breaking subscription
The Series VII Sovereign Sukuk through which the Debt Management Office (DMO) offered N300 billion on behalf of the Federal Government of Nigeria (FGN), recorded an unprecedented subscription level of over N2.205 trillion.
This represents an excess of 735 per cent of subscriptions.
The Debt Management Office (DMO) described this as 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 subscriptions showed that the subscribers cut across various segments of the public: retail, non-interest banks and financial institutions, banks, pension fund administrators, asset/fund managers and others.
The DMO said like the previous series, funds realized from the Issuance will be used by the FGN 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).
It added that the raising of funds through Sukuk to finance infrastructure projects aligns with Mr. President's Renewed Hope Agenda of which infrastructure development is a key pillar.
The management stressed that the DMO remains committed to providing safe and liquid investment products to the public and supporting the FGN's development plans.
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