The N250 billion sovereign Sukuk whose offer opened on December 16, 2021, closed December 23, with an unprecedented subscription level of over N865 billion.
This outcome represents a subscription level of 346 percent.
An analysis of the subscription data by the Debt Management Office (DMO) revealed high levels of subscription from banks and fund managers (including pension funds), as well as non-interest financial institutions, ethical funds, cooperative societies and retail investors.
The increasing level of participation by a more diverse and larger number of investors is a confirmation that the DMO’s objectives of issuing Sovereign Sukuk to grow the domestic investor base and promote financial inclusion is being achieved.
In addition, the high subscription level is proof of investors’ acknowledgement of the impact the USD362.57 billion Sovereign Sukuk issued between 2017 and 2020 has had on the development of road infrastructure in Nigeria.
The DMO has reaffirmed that the proceeds of the N250 billion Sovereign Sukuk will be used to finance the rehabilitation and reconstruction of road projects across the six geopolitical zones of the country and the Federal Capital Territory (FCT).
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