The Debt Management Office (DMO) has listed the N250 billion, 10-year 13% Ijarah Sovereign Sukuk due 2031, on Nigerian Exchange Limited (NGX).
The Ijarah Sovereign Sukuk was successfully listed on NGX, having fulfilled the conditions set by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria, which stipulated that trading in the instrument would only be permissible after the commencement of works on the road projects scheduled for construction through the Sukuk assets.
DMO noted that the listing will facilitate its trading and provide liquidity to investors, further deepening the Nigerian capital market.
DMO Lists N250 Billion Sukuk On Nigerian Exchange
The Ijarah Sovereign Sukuk which was issued on December 29, 2021, would finance the rehabilitation and construction of key economic road projects across the six geopolitical zones in the country.
According to DMO, the proceeds of the Sukuk will be dedicated to road projects and will enable the government to achieve significant progress in bridging the infrastructure gap in Nigeria.