{"id":3221,"date":"2018-10-18T14:40:05","date_gmt":"2018-10-18T14:40:05","guid":{"rendered":"http:\/\/thefreezoneblog.com\/?p=3221"},"modified":"2018-10-18T14:40:05","modified_gmt":"2018-10-18T14:40:05","slug":"nigeria-pushes-for-327m-tranche-of-sukuk-bond","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/nigeria-pushes-for-327m-tranche-of-sukuk-bond\/","title":{"rendered":"Nigeria pushes for $327m tranche of Sukuk bond"},"content":{"rendered":"
\nDebt Management Office (DMO) has expressed optimism that the second tranche of $327 million Sukuk bond would be floated before the end of 2018.<\/u><\/u><\/u>\u00a0<\/u>
\nSukuk or Islamic Bond is a financial instrument structured to generate returns to ethical investors without infringing on the Islamic law, which forbids interest payments.<\/u><\/u><\/u>\u00a0<\/u>
\nMs Patience Oniha, Director-General of DMO, said DMO has made significant progress to ensure successful issuance of the bond before year end.<\/u><\/u><\/u>\u00a0<\/u>
\n\u201cJune was when the budget was approved and Sukuk is a project that was also approved in the budget.<\/u><\/u><\/u>\u00a0<\/u>
\n\u201cWe will float it; we have made significant progress; we will issue it this year,\u2019\u2019 she said.<\/u><\/u><\/u>\u00a0<\/u>
\nThe director-general said the second tranche would be specifically for infrastructure development just like the first one issued in September 2017.<\/u><\/u><\/u>\u00a0<\/u>
\nOniha said that the DMO was working with the Ministry of Power, Works and Housing on the projects earmarked for the second tranche of the N100 billion Sukuk bond.<\/u><\/u><\/u>\u00a0<\/u>
\nShe said that the successful outcome of the first tranche made the Federal Government do more to strengthen infrastructure development.<\/u><\/u><\/u>\u00a0<\/u>
\nShe also expressed optimism that the second tranche would be oversubscribed, based on the feelers from investors and the public.<\/u>
\n\u201cWe still have auctions regularly, we issue FGN Bonds and they have been oversubscribed.<\/u><\/u><\/u>\u00a0<\/u>
\n\u201cSo, whether liquidity is tight or not, we have got good demands.<\/u><\/u><\/u>\u00a0<\/u>
\n\u201cDon\u2019t forget we are selling good products when we do Treasury Bills and FGN Bonds.<\/u><\/u><\/u>\u00a0<\/u>
\n\u201cBut in terms of sukuk, I think from the feelers we have got from investors and the public, it is a product the people want to associate with.\u2019\u2019<\/u><\/u><\/u>\u00a0<\/u>
\nShe noted that people would be more enthusiastic about the Sukuk because it\u2019s for infrastructure.<\/u><\/u><\/u>\u00a0<\/u>
\nNAN reports that the federal government in September 2017 issued a Seven-Year N100 billion maiden Sukuk (bond).<\/u><\/u><\/u>\u00a0<\/u>
\nThe Sukuk was offered at N1,000\/unit (minimum of N10,000 or 10 units) as a regular bond but represents an ownership interest in the asset to be financed rather than a debt obligation.<\/u><\/u><\/u>\u00a0<\/u>
\nSome of the roads funded by the bond include the Ibadan-Ilorin Road, Kolo-Otuoke-Bayelsa-Palm Road, Enugu-Port\/Harcourt Road, Kaduna Eastern By-Pass, Kano-Maiduguri Road and Loko-Oweto Bridge over River Benue, among others. <\/u><\/u>
\n\u00a0<\/span><\/span>\n<\/div>\n
<\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Debt Management Office (DMO) has expressed optimism that the second tranche of $327 million Sukuk bond would be floated before the end of 2018.\u00a0 Sukuk or Islamic Bond is a financial instrument structured to generate returns to ethical investors without infringing on the Islamic law, which forbids interest payments.\u00a0 Ms Patience Oniha, Director-General of DMO, […]<\/p>\n","protected":false},"author":1,"featured_media":3225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[],"class_list":["post-3221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nNigeria pushes for $327m tranche of Sukuk bond - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/nigeria-pushes-for-327m-tranche-of-sukuk-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria pushes for $327m tranche of Sukuk bond - 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