Sukuk bond oversubscribed, receives N132bn

The Federal Government has 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) said in Abuja on Saturday 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.
The bond which is aimed at funding road infrastructure across the six geo-political zones is payable semi-annually.
Subscription for the bond, which is guaranteed by government, closed on Monday.
The 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.