Nigeria Offers NGN 150 Billion Sukuk Ijara for Subscription

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The Federal Government of Nigeria (FGN), through its issuer FGN Roads Sukuk Company 1 PLC, offered its NGN 150 billion Sukuk Ijarah to investors on the 21st of May 2020, as disclosed by the Debt Management Office (DMO). Subscriptions to this Sukuk are set to close on the 2nd of June 2020.

The seven-year sovereign Sukuk redeemable in 2027 carries a profit rate of 11.2% and will be listed on the Nigeria Stock Exchange as well as the FMDQ OTC Securities Exchange. Profit payments arise half-yearly, with a redemption bullet payment at maturity.

According to the subscription statement, the Sukuk issuance was made to raise funds for the construction and rehabilitation of key roads across N...