The Debt Management Office, DMO says the Series Seven Sovereign SUKUK throughout which it offered three hundred billion naira, on behalf of the Federal Government of Nigeria, recorded an unprecedented subscription level of over two point two zero five trillion naira.
In a statement, the DMO observed that the two point two zero five trillion naira represents an excess of seven hundred and thirty five percent subscription. The statement noted that it was a 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.
According to the DMO, an analysis of the subscriptions indicates that the subscribers cut across various segments of the public including retail, Non-interest banks and financial institutions, banks, Pension Fund Administrators, Asset/fund Managers, among others.
The DMO explained that like the previous series, funds realised from the issuance will be used by the Federal Government 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.
The statement also notes that the raising of funds through SUKUK to finance infrastructure projects aligns with President Bola Tinubu’s Renewed Hope Agenda, of which infrastructure development is a key pillar.The DMO pointed out that it remains committed to providing safe and liquid investment products to the public and supporting the federal government’s development plans.
