DMO Lists FGN Second N100bn Sukuk On NSE

Proshare

Tuesday, July 23, 2019   /09:20PM / By NSE 

 

Debt Management Office (DMO) of Nigeria on Tuesday, July 23, 2019, listed on The Nigerian Stock Exchange, the second 100bn, 7-Year, FGN Sukuk due to mature in 2025. The Sukuk was raised at a rental rate of 15.743%, a 73-basis point discount from the 16.47% rental rate of the maiden issuance listed in April 2018.

Sukuk bonds are structured to generate returns to ethical investors without infringing on the Islamic principles which forbid interest payments. It represents an ownership interest in the asset to be financed rather than in a debt obligation.

According to DMO, the aim of the FGN Sukuk is to promote financial inclusion and deepen of the investor base for FGN securities. It will be deployed to financing infrastructure, in keeping with the Government’s commitment to bridging the infrastructural gap across the country. 

Commenting on the Listing, Head, Trading Business Division, NSE, Mr. Jude Chiemeka said, “At the Exchange, we believe enhancing access to capital for the Federal Government and the private sector is key to national economic growth. This is the motivation behind our commitment to promote and support the growth of the debt market in Nigeria. Our efforts are geared towards expanding the NSE’s position as the multi-asset hub, creating ample possibilities for our key stakeholders, while delivering a transparent and liquid market to investors”. 

The emerging and frontier markets can expect greater traction in their quest to continually unlock dormant pools of capital. This listing is particularly important in scaling development for these economies characterized by daunting growth in infrastructure and also have a strong bias for Islamic Finance”. 


Proshare Nigeria Pvt. Ltd.


Related News

1.       Islamic and Ethical Financing: Harnessing New Asset Class to Empower the Nigerian Economy

2.      Industry Experts Explore Opportunities for Islamic Finance in Nigeria

3.      NSE Set to Accelerate Islamic Finance in Nigeria

4.      The CFA and SEDCO Capital Partners To Showcase Best-Practice ESG Integration In The EMEA Region

5.      FBNQuest and Muslim Faithful Share Insights on the importance of Islamic Estate Planning

6.      Dubai Financial Services Authority Takes Action To Protect The Integrity Of Islamic Finance

7.      Finance Minister Presents N100bn Sukuk Cheque To The Federal Ministry of Power, Works and Housing

8.     Sovereign Sukuk Offer for Subscription; Opens December 6 2018

9.      All You Need to Know About The Second FGN Sukuk

10.  CBN Issues Exposure Draft On Regulatory Capital For Non-Interest Financial Institutions In Nigeria

11.   8th Global Islamic Microfinance Forum holds November 25 – 26, 2018

12.  NSE Notifies On the Effective Date of Rules on Listing of Sukuk and Similar Debt Securities

13.  Sukuk Volumes Grow but Structural Constraints Remain

14.  IMF Board Adopts Decision To Recognize The Core Principles Of Islamic Finance Regulation For Banking

15.   Malaysia Leads In Advocating Convergence Of Islamic and Green Financing

16.  Using Sukuk To Finance Infrastructure - DMO Inspects Roads Financed by Sukuk

17.   Jaiz Bank And Islamic Development Bank Sign $20m SMEs Financing Deal

 

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP