Nigeria’s USD 608 Million Sovereign Sukuk Oversubscribed More Than Three Times: DMO

According to data from Nigeria’s Debt Management Office (DMO), over NGN 865 billion (USD 2.1 billion) worth of subscriptions were received for the country’s NGN 250 billion (USD 608 million) sovereign Sukuk offer, representing a 346% oversubscription (more than 3x). The offer was opened on the 16th of December 2021 and closed on the 23rd of December 2021.

Why it Matters?

According to the DMO, the proceeds of the sovereign Sukuk will be used to finance the rehabilitation and reconstruction of road projects across the six geopolitical zones and the Federal Capital Territory. Adding that the diverse and larger number of applicants, confirms that the agency’s objectives of issuing Sovereign Sukuk to grow the domestic investor base and pr...