Fidelity bank card banner Camano banner

Nigeria’s N100bn debut Sukuk offer oversubscribed

By News Express on 27/09/2017

Views: 1,218

•DMO DG Patience Oniha
•DMO DG Patience Oniha

As was expected, the N100 billion seven-year debut Sukuk offer by the Debt Management Office (DMO), which closed last week Friday, has been oversubscribed.

Sukuk, a project-tied investment facility attracted investors from across a broad spectrum of the public comprising pension funds, banks, fund managers, institutional and retail investors.

Reacting to the pleasant development, the Director General of DMO, Ms Patience Oniha, said that the acceptance of the offer was an indication of the viability of the instrument as an investment option as well as a demonstration of utmost faith in the economy.

She commended the Federal Government and, in particular, the Minister of Finance, Mrs Kemi Adeosun, for the policy support that led to the success of this initial offer which industry watchers accept as another window that has opened for the government to raise funds to fill the nation’s yawning infrastructure gap.

In the run up to the offer, Nigerians developed tremendous enthusiasm as they embraced the investment instrument advertised nationwide through roadshows by officials from the DMO, Ministry of Power, Works and Housing, and Central Bank of Nigeria (CBN) in Lagos, Port Harcourt, Kano, Abuja and Kaduna.

The awareness campaign which drew attention to the projects Sukuk aim at, the construction and rehabilitation of 25 roads across the six Geopolitical zones, aroused in the investors the patriotic fervour that led to the oversubscription.

Investment experts are optimistic that with this issuance, a new instrument, the Sovereign Sukuk, has been introduced to Nigeria’s capital market, and has added to the variety of products available for domestic issuers and investors.

They pointed out that Sukuk, as a novel investment platform, achieved one of its aims which is to offer new investors an opportunity to participate in Nigeria’s growing capital market.  A look at the investors that subscribed for the Sovereign Sukuk revealed that another significant objective was achieved through the participation of over a thousand retail investors from across the nation who accounted for over four per cent of the total subscription.

With this positive development, the DMO is energised to continue with its role of meeting the Government’s funding needs as well as introducing new instruments to develop Nigeria’s capital market. Also, it is hoped that the success of this offer and the proceeds from it, will enable the Federal Ministry of Power, Works and Housing to commence work on the road projects in earnest.

Source News Express

Posted 27/09/2017 05:29 AM

 

 

CLASSIFIED ADS

 

You may also like...
Amend outdated financial laws to improve IGR, financial...

Kogi: Appeal Court reinstates 21 sacked LG bosses,...

Mine collapse kills at least 41 in DR...

Tottenham suffer first defeat to West Ham at...

Boy, 15, drowns in Kano pond

Presidency hails Senate over stance on Buhari’s medical...

Killer Squad: Al-Mustapha sues Islamic preacher, challenges OBJ...

Appeal Court upholds Fayemi’s victory

Nigerian becomes first African to fly solo around...

Edo Govt awards families of slain police officers...

FG to raise N710bn via oil asset equity...

Catholics march against Filipino President’s war on drugs...

 

Latest News U.S. bans Nigeria’s 2019 election riggers, imposes visa restrictions 8 men suffocate to death inside septic tank Ministerial list: Enugu APC rejects Onyeama’s re-appointment Man kills wife, commits suicide after getting divorce papers Troops kill 138 bandits in 2 months, rescue 50 victims No land for Ruga settlement in Edo, says Obaseki Pirates kill 2 soldiers in Bayelsa Gunmen abduct 18 traders El-Zakzaky: Be ready to kill all of us, Shi’ites tell Police Buhari’s ministerial list uninspiring, waste of time — PDP Bayelsa Government employs 904 additional workers N400m theft: Hand over GOC to EFCC, HURIWA charges Nigerian Army

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (512,044 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (432,208 views) Shameless Genevieve Nnaji exposes breasts in public (374,396 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (317,283 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (283,180 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (247,611 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (240,016 views) 10 cars more expensive than Jets (225,202 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (221,799 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (209,333 views) Lagos plane crash: Journalist releases victims’ names (188,850 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (187,428 views)

 

NLNG Job Vacancy

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (97) Business & Economy (4,360) Business Verdict (77) Columnists (1,076) Complaints & Requests (95) Enterprise & Opportunities (211) Entertainment (637) Features (781) Global Business Monitor (396) ICT Monitor (54) International (3,743) Interview (194) Live Commentary (30) Love Matters (164) Maggie's Blog (346) News (49,017) Opinion (1,293) Pidgin (17) Politics (11,185) Religion (1,054) Sports (2,107) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera