The Debt Management Office (DMO) has said that the N250 billion Sovereign Sukuk offer attracted unprecedented subscription of over N865 billion.<\/p>\n
Director-General of the DMO, Patience Oniha made this known in a statement on Saturday.<\/p>\n
Oniha said that the massive response was an indication that the idea of growing the domestic investors\u2019 base and promoting financial inclusion through Sovereign Sukuk was achieved.<\/p>\n
She stated that the subscription of 346 per cent emanated from high level participation by banks, fund managers and non-interest financial institutions.<\/p>\n
\u201cThe N250 billion Sovereign Sukuk whose offer opened on Dec. 16 closed on Dec. 23, with an unprecedented subscription level of over N865 billion. This outcome represents a subscription level of 346 per cent.”<\/p>\n
\u201cAn analysis of the subscription data revealed high levels of subscription from banks and fund managers (including pension funds), as well as non-interest financial institutions, ethical funds, cooperative societies and retail investors.”<\/p>\n
\u201cThe increasing level of participation by a more diverse and larger number of investors is a confirmation that the DMO\u2019s objectives of issuing Sovereign Sukuk to grow the domestic investor base and promote financial inclusion is being achieved\u201d she said.<\/p>\n
Oniha said that high level of subscription was a vote of confidence on the DMO\u2019s past Sukuk offers.<\/p>\n
She reassured that the proceeds would be used to finance rehabilitation and reconstruction of road projects across the country.<\/p>\n
\u201cThe high subscription level is proof of investors\u2019 acknowledgement of the impact the N362.57 billion Sovereign Sukuk issued between 2017 and 2020 has had on the development of road infrastructure in Nigeria.”<\/p>\n
\u201cThe DMO reaffirms that the proceeds of the N250 Billion Sovereign Sukuk will be used to finance the rehabilitation and reconstruction of road projects across the six geopolitical zones and the Federal By Stanley Nwanosike” she said<\/p>\n","protected":false},"excerpt":{"rendered":"
The Debt Management Office (DMO) has said that the N250 billion Sovereign Sukuk offer attracted unprecedented subscription of over N865 billion. Director-General of the DMO, Patience Oniha made this known in a statement on Saturday. Oniha said that the massive response was an indication that the idea of growing the domestic investors\u2019 base and promoting […]<\/p>\n","protected":false},"author":32,"featured_media":7258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[19],"tags":[],"class_list":["post-7259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n