Federal Govt’s N150bn Sovereign Sukuk Offer Oversubscribed By 435%

The N150 billion Sovereign Sukuk, which offer for subscription closed on October 11, 2023, was well received with a total subscription of N652.827 billion, the Debt Management Office (DMO) said.

DMO said the subscription level, which is 435 per cent of the amount offered (N150 billion), was an indication that the level of awareness of the product has increased and that investors were willing to support the financing of infrastructure.

In response to this strong demand for the Sukuk, the DMO said it has allocated N350 billion to the diverse investors, who subscribed to the Sovereign Sukuk.

“The N350 billion will be used to finance the construction and rehabilitation of roads and bridges across the six geopolitical zones and the Federal Capital Territory.

“The DMO remains committed to meeting the needs of investors while also supporting the development of the domestic capital market,” the DMO said in a statement on Friday.