The Debt Management Office says it is set to expand capital market offerings by listing its N130 billion Sovereign Sukuk on the Nigerian Exchange Ltd. (NGX) and the FMDQ Securities Exchange Ltd.

The DMO disclosed this in a statement obtained from its website on Thursday.

According to the statement, listing the N130 billion Sovereign Sukuk on the NGX and FMDQ will expand the range of financial offerings 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 N742.57 billion.

“The proceeds have facilitated the construction and rehabilitation of over 75 Nigerian roads and bridges,” the DMO said.

The N130 billion Sovereign Sukuk opened for subscription in November 2022 with an initial offer of N100 billion. However, it garnered immense interest from investors with a subscription level of N163.25 billion, representing over 165 per cent of the amount offered.

However, a total of N130 billion was allocated by the DMO to accommodate the diverse investment needs of various investors who subscribed to the product.

The NGX, formerly known as the Nigerian Stock Exchange (NSE), and the FMDQ provide a wide range of services, including listing and trading securities, licensing, and market data solutions.

(NAN)