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Reading: NGX Facilitates FG’s Infrastructure Drive, Admits DMO’s N130 Billion Sukuk
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© OKN MEDIA PUBLISHING 2022 - All rights reserved
Business

NGX Facilitates FG’s Infrastructure Drive, Admits DMO’s N130 Billion Sukuk

Muhammad A. Aliyu By Muhammad A. Aliyu August 3, 2023
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The Nigerian Exchange Limited (NGX) has played a pivotal role in advancing the Federal Government’s infrastructure development agenda by successfully admitting the Debt Management Office’s (DMO) N130 billion Sovereign Sukuk on its platform. The listing of the 10-year 15.64% Ijara Sukuk due in 2032 took place on Thursday, August 3, 2023.

The DMO’s Sovereign Sukuk offering, launched in November 2022 with an initial offer of N100 billion, witnessed an overwhelming response from investors, garnering a remarkable subscription level of N165.25 billion. To accommodate the substantial interest from diverse investors, the DMO allocated N130 billion for the Sukuk.

Since 2017, the total issuance of Sovereign Sukuk has reached an impressive N742.557 billion, with the proceeds being utilized to construct and rehabilitate over 75 roads and bridges across the nation. The listing of the N130 billion Sovereign Sukuk on the NGX has expanded the range of financial offerings available to investors in the capital market, offering liquidity and promoting price discovery.

Jude Chiemeka, the Divisional Head of Capital Markets at NGX, lauded the Debt Management Office, led by Director-General Patience Oniha, for their effective implementation and commitment to following due process in infrastructural financing.

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He emphasized the importance of the Sovereign Sukuk issuance and its listing on the NGX, underscoring the federal government’s dedication to developing critical infrastructure through innovative and cost-effective financing structures.

“This listing demonstrates the federal government’s dedication to developing critical infrastructure through innovative and cost-effective financing structures. NGX is fully committed to providing a robust exchange infrastructure that facilitates efficient capital accessibility for the government to raise essential funds, addressing the infrastructural gap and boosting economic growth. The listing of the Sovereign Sukuk on the Exchange is seen as a positive move, offering an exit opportunity for existing investors and further strengthening the Nigerian capital market,” he said.

TAGGED: NGX
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