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Nigeria’s Islamic bond, Sukuk, oversubscribed, receives N132bn for N100bn offer

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Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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The Federal Government received over N132 billion subscriptions from 2,073 investors for its N100 billion 7-year 15.74 per cent Sukuk offer, the Debt Management Office, DMO, has said.

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The DMO, in a statement in Abuja on Saturday, announced the result and added that the bond would be due in 2025.

It said that the high success rate of the Sukuk, which is the second by the federal government, showed investors’ appetite for government securities.

The debt management office added that it showed the investors’ interest in the fact that the proceeds would be used to improve the state of road infrastructure in the country.

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The bond which is aimed at funding road infrastructure across the six geo-political zones is payable semi-annually.

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Subscription for the bond, which is guaranteed by government, closed on Monday.

The News Agency of Nigeria recalls government had in 2017, raised a N100 billion 7-year debut Sukuk bond for the financing of 25 road projects across the six geo-political zones of the country.

NAN

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