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DMO to list N350 billion Sukuk bonds on NGX and FMDQ

Following the issuance of its sixth Sukuk worth N350 billion in October 2023, the Debt Management Office (DMO) has announced the listing of the Sukuk on NGX and FMDQ Securities Exchange.

According to a release by the DMO, listing the N350 billion Sukuk would allow investors who didn’t subscribe to the bonds in October 2023 to participate now.

Nigeria through the DMO has raised about N1.092 trillion through six issuances of Sovereign Sukuk. The most recent issuance saw the offering of N150 billion for 10-year Ijarah Sukuk, however, the DMO recorded a subscription of N652.827 billion, representing an oversubscription of N502.827 billion.

The DMO then allotted N350 billion worth of the Sukuk at a rental rate of 15.75% per annum and a tenor of 10 years.

The first Sukuk issued by the DMO was an N100 billion 7-year Ijarah Sukuk with a rental rate of 16.47% per annum issued in September 2017. Though the offer was oversubscribed, DMO allotted N100 billion.

The second Sukuk issued was an N100 billion 7-year Ijarah Sukuk with a rental rate of 15.43% per annum issued in December 2018. It was oversubscribed by N32 billion but N100 billion of the Sukuk was allotted by the DMO.

The third Sukuk issued was a N150 billion 7-year Ijarah Sukuk with a rental rate of 11.2% per annum issued in June 2020. DMO allotted N162.557 billion after recording a subscription of N669.124 billion.

The fourth Sukuk issued was a N250 billion 10-year Ijarah Sukuk with a rental rate of 12.8% per annum issued in December 2021. DMO recorded a subscription of N865 billion for this Sukuk, however, N250 billion was allotted.

The fifth Sukuk issued was an N100 billion 10-year Ijarah Sukuk with a rental rate of 15.64% per annum issued in December 2022.

Funds raised by the DMO through the different Sukuks have been used to facilitate the construction and rehabilitation of over 4000 kilometres of roads and bridges in Nigeria.

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