The Debt Management Office (DMO) has announced that the Federal Government has successfully recorded a total of N2.205 trillion subscriptions through the Sovereign Sukuk since its debut in 2017, representing an oversubscription of 735%.
This is according to a new circular issued on Wednesday, 28 May 2025 by DMO.
DMO had announced the issuance of a N300 billion 7-year Ijarah Sukuk bond to fund critical road and bridge infrastructure across Nigeria’s six geopolitical zones.
According to the DMO statement, “It is clear evidence of investor-appetite for the ethical instrument introduced by DMO in 2017 as an innovative strategy to expand the nation’s investor-base and provide opportunities for all Nigerians to participate in the activities of the capital market.”
Analysis of the subscriptions showed that the subscribers cut across various segments of the public: retail, non-interest banks and financial institutions, banks, pension fund administrators, assets/fund managers, and others.
“Like the previous series, funds realized from the Issuance will be used by FGN to construct new roads and rehabilitate existing ones as well as build bridges in the six (6) geopolitical zones of the country and the Federal Capital Territory (FCT),” DMO stated.
Reflecting on the progress achieved, Oniha stated, “We recall that the first Sukuk was issued in September 2017. After extensive marketing, the offer, which was for N100 billion with a tenor of seven years, received a total subscription of N105.878 billion.”
Oniha highlighted the accomplishments achieved over the years, noting, “Following the modest success of the first Sukuk and the achievement recorded from September 2017 to December 2023, the DMO has raised a total of N1.09 trillion.”
These firms play a critical role by advising on the Sukuk’s structure, managing the offering process, and facilitating investor participation.
Earlier in May, DMO announced the issuance of a N300 billion 7-year Ijarah Sukuk bond to fund critical road and bridge infrastructure across Nigeria’s six geopolitical zones.