FGN Sukuk Offer For Subscription

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Thursday, May 21, 2020 / 10:12 AM  / By DMO / Header Image Credit: Forbes Middle East

 

Proshare Nigeria Pvt. Ltd.


Pursuant to the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 On the authority of the Federal Government of Nigeria FGN Roads Sukuk Company 1 Plc (FGN RSC1) Offers for Subscription through FBNQuest Merchant Bank Limited & Lotus Financial Services Limited (the "Financial Advisers") who are authorized to receive applications for up to N150,000,000,000 7-Year Ijarah Sukuk due June 2027 Rental Rate: 11.200% Per Annum

 

Opening Date: May 21, 2020 

Closing Date: June 2, 2020 

Settlement Date: June 9, 2020

 

Summary of the Offer 

Instrument Type

Ijarah (Lease) Sukuk

 

Issuer

FGN Roads Sukuk Company 1 Plc. on behalf of the Federal Government of Nigeria.

 

Units of Sale

N1,000 per unit subject to a minimum Subscription of N10,000 and in multiples of N1,000 thereafter.

 

Rental Payment

Payable Half Yearly.

 

Redemption

Bullet repayment on the date of maturity.

 

Proshare Nigeria Pvt. Ltd.


Use Of Proceeds

Proceeds will be used solely for the construction and rehabilitation of key roads across the six geopolitical zones of the country.

 

Status

  1. Qualifies as securities in which trustees can invest under the Trustee Investment Act.
  2. Qualifies as Government securities within the meaning of Company Income Tax Act ("CITA") and Personal Income Tax Act ("PITA") for Tax Exemption for Pension Funds, amongst other investors.
  3. To be listed on The Nigerian Stock Exchange and FMDQ OTC Securities Exchange.
  4. Classified as Liquid Asset by the Central Bank of Nigeria.
  5. Certified by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria.

 

Security

Backed by the full faith and credit of the Federal Government of Nigeria.

 

Interested Investors Should Contact The Financial Advisers To The Issue

 

FBNQuest Merchant Bank Ltd.

10, Keffi Street

Off Awolowo Road

S.W. Ikoyi, Lagos

Tel 1: +234-1-270 2290-4

 

Lotus Financial Services Ltd.

1b, Udi Street

Osborne Foreshore Estate

Osborne Road, Ikoyi, Lagos

Tel 1: +234-1-291 4626

 

Or download the Application Form HERE

 

Receiving Banks

  • First Bank of Nigeria Ltd.
  • Stanbic IBTC Bank Plc.
  • Jaiz Bank Plc.
  • Taj Bank Ltd.
  • Sterling Bank Plc.
  • Zenith Bank Plc.
  • Unity Bank Plc.

 

Placement Agents

  • Access Bank Plc.
  • Citi Bank Nigeria Ltd.
  • Coronation Merchant Bank Ltd.
  • Ecobank Nigeria Ltd.
  • FBNQuest Merchant Bank Ltd
  • First Bank of Nigeria Ltd.
  • First City Monument Bank Plc.
  • FSDH Merchant Bank Ltd.
  • Guaranty Trust Bank Plc.
  • Stanbic IBTC Bank Plc.
  • Standard Chartered Bank Nigeria Ltd.
  • United Bank for Africa Plc.
  • Zenith Bank Plc.
  • And Registered Stockbroking Firms

 

Proshare Nigeria Pvt. Ltd.


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