March 1, 2024/DMO

The Debt Management Office (DMO) will list its sixth (6th) Sovereign Sukuk of N350 Billion on the Nigerian Exchange Group (NGX) and the FMDQ Securities Exchange on March 8, 2024.

It will be recalled that the OMO offered a N150 Billion 10-year Ijarah Sukuk on October 2023 and allotted N350 Billion following a high subscription of N652.827 Billion from the general public. The Sukuk, which brings the total amount raised by the DMO through Sovereign Sukuk to N1.092 trillion, was issued at a Rental Rate of 15.75% per annum and a Tenor of 10 years.

The DMO by using the Sukuk as a vehicle for raising project-tied funds, has contributed to the construction and rehabilitation of over 4000 kilometers of roads and bridges. In addition, the Sukuk has promoted financial inclusion by attracting ethical and retail investors.

The listing of the N350 Billion Sovereign Sukuk on the NGX and FMDQ Securities Exchange will enable the Sukuk to be traded thereby providing liquidity to investors and achieving price discovery. It would also enable investors who did not subscribe to the Sukuk in October 2023 to buy the Bonds.