SAN FRANCISCO, September 26, (THEWILL) – As was expected, the N100 billion seven-year debut Sukuk offer by the Debt Management Office (DMO), which closed last week Friday, has been oversubscribed.
The Sukuk, a project-tied investment facility attracted investors from across a broad spectrum of the public comprising pension funds, banks, fund managers, institutional and retail investors.
Reacting to the development, the Director General of DMO, Ms Patience Oniha said that the acceptance of the offer was an indication of the viability of the instrument as an investment option as well as a demonstration of utmost faith in the economy.
She commended the federal government and, in particular, the Minister of Finance, Mrs Kemi Adeosun, for the policy support that led to the success of this initial offer which industry watchers accept as another window that has opened for the government to raise funds to fill the nation’s yawning infrastructure gap.
The Sukuk will be used to finance the construction and rehabilitation of 25 Roads across the six geopolitical zones.
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