JUST IN: FG Raises N652bn From Sukuk bond Debt Management Office

The Debt Management Office (DMO) is dedicated to meeting investors’ needs while also promoting the growth of the domestic capital market.

True to government prediction, the N150 billion Sukuk bond offer has been oversubscribed to the tune of N652.827 billion.

A statement from the DMO said the bond was oversubscribed by 435% of the amount offered (N150 billion).

 

According to the DMO, “This shows that the level of awareness of the product has increased and that investors are willing to support the financing of infrastructure.”

The strong demand for the Sukuk the DMO added means that “the Debt Management Office allocated N350 billion to the investors who subscribed to the product.

“This money will be used to fund the construction and rehabilitation of roads and bridges across Nigeria’s six geopolitical zones and the Federal Capital Territory.”

The Director General of the DMO, Ms Patience Oniha has predicted that the N150 billion Sukuk bond it is offering will be over-subscribed.

The extra funds that will be realised from the Sukuk bond offering she said, will be used for available projects.

Generally, the subscriptions made from the Sukuk bond Oniha said would go towards financing 53 different road projects measuring over 3,000km, and tolls collected will be used to repay the Sukuk loan

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