APA – Lagos (Nigeria)
Nigeria’s Debt Management Office (DMO) has offered for subscription Ijarah Sukuk valued at N150 billion.
The DMO stated in a statement on Tuesday that the Sukuk is issued by Federal Government of Nigeria (FGN) Roads Sukuk Company PLC, on behalf of the Federal Government.
It explained that the Sukuk is being offered at N1,000 per unit, subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.
According to the DMO, rental payment will be made half-yearly, while bullet repayment will be done on the date of maturity.
“Proceeds will be used solely for the construction and rehabilitation of key road projects and bridges across the six geopolitical zones of the country,” the DMO said.
It added that the Ijarah Sukuk is backed by the full faith and credit of the Federal Government of Nigeria and that it qualifies as securities in which trustees can invest under the Trustee Investment Act.
The Ijarah Sukuk, according to the statement, is classified as liquid asset by the Central Bank of Nigeria (CBN) and certified by the Financial Regulation Advisory Council of Experts of the CBN.
The Sukuk is a Sharia-compliant instrument that represents the interests of the owner in an asset or pool of assets.
GIK/APA
Nigeria: DMO offers N150bn Sukuk bond for subscription at N1,000 per unit
