The Debt Management Office (DMO) has listed N250 billion Sovereign Sukuk on the Nigerian Exchange (NSE) Group and the FMDQ Securities Exchange.

“To maximise market liquidity for investors in the Sovereign Sukuk, the DMO is listing the N250 billion Sovereign Sukuk, which was issued in December 2021, on the NSE and the FMDQ Securities Exchange,” said the DMO. “The N250 Billion Sovereign Sukuk is the fourth one issued by the DMO and had a massive oversubscription of N865 Billion at time of issuance.”

This, the DMO said, was the highest recorded since September 2017.

It added that the proceeds of the Sovereign Sukuk since its inception had been deployed towards the construction and rehabilitation of road networks across the six geopolitical zones.

“Currently, proceeds from the N250 billion Sovereign Sukuk are being utilised across 77 key economic road projects in the country. The projects include the completion of roads B6, B12 and Circle road, Abuja; Abuja-Lokoja road (Koton Karfe-Lokoja); and rehabilitation of Yola-Hong-Mubi road in Adamawa,” it disclosed. “Others are dualisation of Kano-Katsina road; dualisation of Sapele-Ewu road; rehabilitation Of Old Enugu – Onitsha road; dualisation of Ibadan-Ife-Ilesha road; dualisation Of Akure – Ado Ekiti road, among others.”

DMO started the issuance of sovereign Sukuk in September 2017 as one of the measures toward attaining its strategic objective of bridging the infrastructure gap in Nigeria to promote job creation and economic growth.

(NAN)