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The DMO is dedicated to meeting investors’ needs while also promoting the growth of the domestic capital market.
True to government prediction, the N150 billion Sukuk bond offer has been over-subscribed to the tune of N652.827 billion.
A statement from the Debt Management Office (DMO) said the bond was over-subscribed by 435% of the amount offered (N150 billion).
According to the DMO, “this shows that the level of awareness of the product has increased and that investors are willing to support the financing of infrastructure.”
The strong demand for the Sukuk the DMO added means that “the Debt Management Office allocated N350 billion to the investors who subscribed to the product.
“This money will be used to fund the construction and rehabilitation of roads and bridges across Nigeria’s sixgeopolitical zones and the Federal Capital Territory.
Director General of the DMO, Ms. Patience Oniha, had predicted that the N150 billion Sukuk bond it was offering would be over-subscribed.
The extra funds that will be realised from the Sukuk bond offering, she said, will be used for available projects.
Generally, the subscriptions made from Sukuk bond, Oniha said, will go towards financing 53 different road projects measuring over 3,000km, and tolls collected will be used to repay the Sukuk loan
