FG lists N130 billion sukuk, Sharia compliant bond on NGX

The Federal Government has announced the listing of a N130 billion sovereign sukuk, the Sharia compliant bond, on the Nigerian Exchange and FMDQ.

A statement on Wednesday from the Debt Management Office, DMO, which issues debt instrument on behalf of the government said the latest sukuk will be available for subscription from August 8, 2023.

DAILY COMMERCE reports that the federal and state governments have raised N742.55 billion Sukuk since 2017 to fund infrastructure especially road construction across the country.

DMO said: “The sovereign sukuk was opened for subscription in November 2022, with an initial of N100 billion however, it garnered immense interest from investors with a remarkable subscription level of N165.25 billion which represents over 165% of the amount offered.

”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 markets.

“The opportunity to buy and sell the sovereign sukuk will provide liquidity to investors and promote price discovery.”  

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