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

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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.

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.

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 News Agency of Nigeria (NAN) 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.

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News Agency of Nigeria (NAN) is a news reporting agency owned and run by the Federal Government of Nigeria just like Nigerian Television Authority.[1] On 10 May 1976 the agency was founded and established by Onitsha noble Onuora Nzekwu who was its first official Managing Director and Chief Editor. On 2 October 1978 its operations began.[2][3] NAN provides General News Service to subscribers in three bulletins published daily. The agency’s website www.nan.ng was launched on 8 August 2016, to offer news to the worldwide audience interested in news primarily about Nigeria, Africa’s most populated country. The current Managing Director of NAN is Bayo Onanuga.

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