The Debt Management Office (DMO) says it is set to expand capital market offering, by listing its ₦130 billion Sovereign Sukuk on the Nigerian Exchange Ltd. (NGX) and the FMDQ Securities Exchange Ltd.
The DMO made this known in a statement obtained from its website on Thursday, August 2, 2023. According to the statement, listing of the ₦130 billion Sovereign Sukuk on the NGX and FMDQ will expand the range of financial offering available to investors in the capital market.
“The opportunity to buy and sell the Sovereign Sukuk will provide liquidity to investors and promote price discovery,” it said.
It revealed that the total Sovereign Sukuk issued since the product was introduced in 2017 stood at ₦742.57 billion.
“The proceeds have facilitated the construction and rehabilitation of over 75 Nigerian roads and bridges,” the DMO said.
The News Agency of Nigeria (NAN) reports that the ₦130 billion Sovereign Sukuk opened for subscription in November 2022 with an initial offer of ₦100 billion. It, however, garnered immense interest from investors with a subscription level of ₦163.25 billion, which represents over 165 per cent of the amount offered.
A total of ₦130 billion was, however, allocated by the DMO to accommodate diverse investment needs of various investors who subscribed to the product.
The NGX, formally known as the Nigerian Stock Exchange (NSE), and the FMDQ provide a wide range of services, including listing and tracing securities, licensing, market data solutions among others.