The Debt Management Office (DMO) as of August 3, 2023 officially listed the N130 billion Sovereign Sukuk on both the Nigerian Exchange Group (NGX) and the FMDQ Securities Exchange.
Originally introduced for subscription in November 2022, with an initial offering of N100 billion, the Sovereign Sukuk garnered significant interest from investors.
This resulted in an impressive subscription level of N165.25 billion, surpassing 165 percent of the initial amount offered. In response to the diverse investor interest, an allocation of N130 billion was made.
The cumulative issuance of Sovereign Sukuk from 2017 to the current date now totals N742.557 billion. These funds have played a pivotal role in financing the construction and rehabilitation of more than 75 roads and bridges across Nigeria.
The dual listing of the N130 billion Sovereign Sukuk on both the NGX and FMDQ Securities Exchange is expected to enhance the spectrum of financial instruments accessible to capital market investors.
This move, according to the office, would not only offer investors the opportunity to buy and sell the Sovereign Sukuk, but it would also infuse liquidity into the market and facilitate the process of price discovery.
