Despite criticisms, FG’s Sukuk bonds oversubscribed by 6 per cent

The debut N100 billion Sukuk offer by the Debt Management Office (DMO) has been oversubscribed by 5.8% approximately 6%.

According to a statement issued by the office, investors in the bond included pension funds, banks, fund managers and retail investors.

DMO said the total subscription to the Sukuk offer was N105.88 billion.

Patience Oniha, DMO director general disclosed this on Tuesday.

The offer for the bond, which lasted for five days, closed on September 22.

Oniha commended the federal government and in particular, Kemi Adeosun, minister of finance, for the policy support that led to the success of this initial offer.

According to the statement, the bond achieved one of its aims, which was to offer new investors an opportunity to participate in Nigeria’s growing capital market.

“With this positive development, the DMO has been energised to continue its role of meeting the government’s funding needs, as well as introducing new instruments to develop Nigeria’s capital market,” it said.

DMO also said it hoped that the proceeds would enable the ministry of power, works and housing to commence work on the roads.

The Christian Association of Nigeria (CAN) had said the bond was a quiet way of islamising the country.

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