Over N652 billion raised in Sixth Sovereign Sukuk

The N150 billion Sovereign Sukuk whose Offer for Subscription closed on October 11, 2023, was well received with a Total Subscription of N652.827 billion.

This Subscription Level, according to a statement by the Debt Management Office (DMO), which is 435 per cent of the amount offered (N150 billion), shows that the level of awareness of the product has increased and that investors are willing to support the financing of infrastructure in the country.

In response to this strong demand for the Sukuk, the Debt Management Office (DMO) has allocated N350 billion to the diverse investors who subscribed to the Sovereign Sukuk, the statement said.

The N350 billion, it stressed, will be used to finance the construction and rehabilitation of roads and bridges across the six (6) geopolitical zones and the Federal Capital Territory (FCT).

The DMO remains committed to meeting the needs of investors while also supporting the development of the domestic capital market, the DMO assured.