The Debt Management Office (DMO) has listed the N162.557billion, 7-year, FGN Ijarah Sukuk with a rental rate of 11.20% on the floor of the Nigerian Exchange (NGX) Limited on Thursday, 18 March 2021.
The third Sovereign Sukuk was issued on June 16, 2020, and will finance the rehabilitation and construction of key economic road projects across the six geopolitical zones in the country.
With this listing, members of the general public who invested in the 2020 Sukuk bonds can now sell their investments and those who wish to invest in Sukuk can now do so.
Speaking about the listing of the third Sovereign Sukuk, the Director-General, DMO, Ms. Patience Oniha stated, “We are excited that the trading of this Sukuk is now permissible having fulfilled the condition for listing stipulated by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria (CBN). The FGN Sukuk may only be listed for trading on relevant exchanges after the commencement of works on the Road project for the construction of the Sukuk assets. This is in order to create a pool of assets consisting of non-financial and financial assets that could be freely traded while avoiding the prohibition of dealing in interest-based transactions arising out of sale of debt and exchange of currency not at par.”
NGX Limited welcomes the listing of the third Sovereign Sukuk on the bourse which will provide exit opportunity for existing investors and further deepen the Nigerian capital market, particularly, the relatively nascent Sukuk market. The issuance and subsequent listing of the Sovereign Sukuk on the NGX underscore the Federal Government’s drive for the development of critical infrastructure needed to unlock economic growth, by leveraging innovative and cost-effective financing structures.
The Exchange continues to deliver on its commitment to provide a platform for issuers and investors to meet their investment objectives. By enhancing access to the Federal Government and the private sector, NGX has promoted and supported the growth of the debt market in Nigeria with listings worth over N2.6Tn in 2020
You may be interested
Boniface Scores As Leverkusen Beat Bochum, Close In On Bayern Munich
Webby - March 28, 2025Victor Boniface was on target for Bayer Leverkusen in their 3-1 home win against Bochum in the Bundesliga on Friday…
NPFL: Defeat To Kwara United Painful — Nasarawa United Boss Yusuf
Webby - March 27, 2025Nasarawa United head coach Salisu Yusuf has reacted to his team’s 1-0 loss to Kwara United, reports Completesports.com. Emeka Onyema…
Cote d’Ivoire Withdraw As Host Of U-20 AFCON
Webby - March 27, 2025Cote d’Ivoire announced late Tuesday its withdrawal from hosting the 2025 U-20 Africa Cup of Nations just weeks before the…
