DMO lists ₦130bn sukuk on NGX, FMDQ to boost capital market investment

<p>According to reports, the ₦130 billion Sovereign Sukuk opened for subscription in November 2022 with an initial offer of ₦100 billion.</p>, <span>Debt Management Office (DMO)</span>, <h2>The Debt Management Office (DMO) says it is set to expand capital market offering, by listing its ₦130 billion Sovereign Sukuk on the Nigerian Exchange Ltd. (NGX) and the FMDQ Securities Exchange Ltd.</h2>, <p>The DMO made this known in a statement obtained from its website on Thursday, August 2, 2023. According to the statement, listing of the ₦130 billion Sovereign Sukuk on the NGX and FMDQ will expand the range of financial offering available to investors in the capital market.</p>, <p>“The opportunity to buy and sell the Sovereign Sukuk will provide liquidity to investors and promote price discovery,” it said.</p>, <p>It revealed that the total Sovereign Sukuk issued since the product was introduced in 2017 stood at ₦742.57 billion.</p>, <p>“The proceeds have facilitated the construction and rehabilitation of over 75 Nigerian roads and bridges,” the DMO said.</p>, <p>The News Agency of Nigeria (NAN) reports that the ₦130 billion Sovereign Sukuk opened for subscription in November 2022 with an initial offer of ₦100 billion. It, however, garnered immense interest from investors with a subscription level of ₦163.25 billion, which represents over 165 per cent of the amount offered.</p>, <p>A total of ₦130 billion was, however, allocated by the DMO to accommodate diverse investment needs of various investors who subscribed to the product.</p>, <p>The NGX, formally known as the Nigerian Stock Exchange (NSE), and the FMDQ provide a wide range of services, including listing and tracing securities, licensing, market data solutions among others.</p>