The offer for N100 billion opened on November 21, 2022 and was supported by wide public sensitization to encourage subscription from diverse investors, particularly the retail investors, the debt office said in a statement that was issued yesterday.
The initial offer size of N100 billion was upsized to N4130 billion due to the over 165 percent subscription level.The Sukuk bond was issued at a rental rate of 15.64 percent per annum. This brings the total sovereign Sukuk issuance to N742.557 billion as at date. DMO said the level of subscription is evidence of investors’ confidence in the use and impact of Sukuk in the construction and rehabilitation of road infrastructure across the country.
“The proceeds of the 2022 sovereign Sukuk, like the previous Sukuk issue proceeds, will be used solely for the construction and rehabilitation of key road projects through the Federal Ministry of Works and Housing and the Federal Capital Territory Administration,” DMO said.
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