N150 Billion Sukuk Receives a N653 Billion in Subscriptions

The Debt Management Office has successfully issued N150 billion Sovereign Sukuk on behalf of the Federal government, and the response from investors has been remarkable with N652 billion pouring in.
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In the results disclosed by the agency this afternoon, an impressive N350 billion has been allocated to various investors who eagerly participated in the offering.

The DMO expressed its delight with the overwhelming response, considering this massive over-subscription as a clear demonstration of investors' robust appetite for the Federal Government of Nigeria's (FGN) instrument. The enthusiasm and confidence displayed by investors highlight the attractiveness and reliability of the Sukuk offering.

It said, “The N150 billion Sovereign Sukuk whose Offer for Subscription closed on October 11, 2023, was well received with a Total Subscription of N652.827 billion.

“This Subscription Level, which is 435% of the amount offered (N150 billion), shows that the level of awareness of the product has increased and that investors are willing to support the financing of infrastructure.

“In response to this strong demand for the Sukuk, the Debt Management Office (DMO) has allocated N350 billion to the diverse investors who subscribed to the Sovereign Sukuk.

“The N350 billion will be used to finance the construction and rehabilitation of roads and bridges across the six (6) geopolitical zones and the Federal Capital Territory.

“The DMO remains committed to meeting the needs of investors while also supporting the development of the domestic capital market.”

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