The N150 billion Sovereign Sukuk whose offer for subscription closed on October 11, 2023, was well received with a total subscription of N652.827 billion, Nigeria’s Debt management Office (DMO) said on Friday.
The subscription level, which is about 435% of the amount offered (N150 billion), shows that the level of awareness of the product has increased and that investors are willing to support the financing of infrastructure.
In response to this strong demand for the Sukuk, the DMO has allocated N350 billion to the diverse investors who subscribed to the Sovereign Sukuk.
A statement by DMO, a copy of which was given to Persecondnews said the N350 billion will be used to finance the construction and rehabilitation of roads and bridges across the six geopolitical zones of the country and the Federal Capital Territory.
The DMO said it remained committed to meeting the needs of investors while also supporting the development of the domestic capital market