April 10, 2018 6.00PM / Proshare WebTV
The Debt Management Office of Nigeria, today listed the pioneer
FGN Sovereign Sukuk N100bn at the FMDQ OTC exchange in Lagos.
Described as an Infrastructure classified bond, the Sukuk is now
the first non-interest capital instrument developed by the FMDQ and issued by
DMO on behalf of the Federal Government.
Giving her remarks at the
listing ceremony the Director-General of DMO Nigeria, Ms Pat Oniha said the
bond will be utilized to raise funds for infrastructure and promote financial
inclusion in the country.
She commended the financial
advisors, legal adviser and trustees who worked assiduously to achieve the
listing of the bond.
According to her “The DMO
Nigeria has inspected the projects that the Sukuk is financing, and I want to
assure all stakeholders that the funds are warehoused and will be judiciously
The MD/CEO of FBN Quest Merchant
Bank Mr Kayode Akinkugbe lauded the listing of the Sukuk Bond, stating
that it was an attestation to hardwork, commitment and dedication from all
Also speaking at the event,
the MD/CEO Lotus Capital Mrs Hajara Adeola believed the FGN Sukuk Bond listing
was a welcome development to the Nigerian capital market, and was optimistic
that with its focus on infrastructure will have far-reaching impact on the
Tunmi Sekoni Vice-President
of the FMDQ OTC represented the MD/CEO Mr Bola Onadele at the event.
The N100bn Sukuk has been
earmarked to finance the rehabilitation of 25 federal roads cutting
across the six geo-political zones in the country.
At the moment it has
attracted about 106% subscription, revealing a huge investor appetite for the
FBN Quest Merchant Bank and
Lotus Capital are financial advisors for the Sukuk bond, with FBN and Skye as
the FGN’s N100bn Sukuk (Bond) Offering
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