FG begins sale of N150bn sovereign Sukuk at 11.2%

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The Federal Government on Thursday began the sale of its third tranche 7-year N150 billion Sovereign Sukuk, the Debt Management Office (DMO) said.

The offer circular, which was obtained from its website, said the seven year Islamic Sukuk, referred to as Ijarah, was at a rental rate of 11.2 per cent and would be due in June 2027.

The bond, which was aimed at funding key road infrastructure across the six geo-political zones, was payable semi-annually.

Subscription for the bond, guaranteed by the government, would close on June 2.

The circular said subscribers could purchase N1,000 per unit subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter with First Bank and Islamic wealth manager, Lotus Capital managing the sale.

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