The Debt Management Office (DMO) has disclosed that the N150 billion Sovereign Sukuk whose Offer for Subscription closed on October 11, 2023, was well received with a Total Subscription of N652.827 billion.
DMO in a statement on Friday said, the Subscription Level, which was 435% of the amount offered (N150 billion), shows that the level of awareness of the product has increased and that investors are willing to support the financing of infrastructure.
The office said, in response to the strong demand for the Sukuk, it has allocated N350 billion to the diverse investors who subscribed to the Sovereign Sukuk.
The N350 billion, according to DMO, would be used to finance the construction and rehabilitation of roads and bridges across the six (6) geopolitical zones and the Federal Capital Territory.
“The DMO remains committed to meeting the needs of investors while also supporting the development of the domestic capital market”, the statement said.