The Debt Management Office (DMO) says the latest Sukuk bond offering has recorded a total of 2.205 trillion naira, representing an oversubscription by 735%, the highest since 2017.
DMO had announced the issuance of a N300 billion 7-year Ijarah Sukuk bond to fund critical road and bridge infrastructure across Nigeria’s six geopolitical zones.
Speaking during “an all-parties meeting” for the issuance of the seventh series of the Sovereign Sukuk in March, Director-General of the DMO, Patience Oniha, revealed that the latest series aims to raise approximately N300 billion to finance capital projects.
Analysis of the subscriptions showed that the subscribers cut across various segments of the public: retail, non-interest banks and financial institutions, banks, pension fund administrators, assets/fund managers, and others.
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The Sukuk Instrument was launched in 2017 to finance government infrastructure and diversify revenue sources. The issuance of the Sovereign Sukuk is supported by financial advisers such as Lotus Financial Services Limited, Buraq Capital Limited, Stanbic IBTC Capital Limited, Greenwich Merchant Bank Limited, CardinalStone Partners Limited, and Vetiva Capital Management Limited.
These firms play a critical role by advising on the Sukuk’s structure, managing the offering process, and facilitating investor participation.
