By Tony Obiechina, Abuja
In a bid to provide liquidity for investors, the Debt Management Office (DMO) has listed N130 billion worth of Sukuk bonds on the Nigerian Exchange Limited (NGX) and FMDQ Securities Exchange.
A communique issued by the DMO on Thursday said the approved listing was effective August 3, 2023.
The debt office titled the document, “Listing of N130 Billion Sovereign Sukuk on the NGX and FMDQ Securities Exchange”
Sovereign Sukuk is a fixed-income capital market instrument issued by DMO on behalf of the federal government to raise funds to finance road projects in the country.
The DMO had in November 2022 offered an initial offer of N100bn Sukuk to investors who oversubscribed to the tune of N165. 25 billion. This represents over 165 per cent of the amount offered.
The Debt office said, “The listing of the N130 Billion Sovereign Sukuk on the NGX and FMDQ Securities Exchange will expand the range of financial offerings available to investors in the capital market.
“The opportunity to buy and sell the Sovereign Sukuk will provide liquidity to investors and promote price discovery.” READ ALSO:
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According to the DMO, the total Sovereign Sukuk issued from 2017 to date stands at N742.56bn.
The proceeds have facilitated the construction and rehabilitation of over 75 roads and bridges across the country, the DMO said.
