The Debt Management Office (DMO) has stated that the N300bn SUKUK bond it issued saw interest from many subscribers who pulled in N2.205tr for the bond.

A statement by the DMO said the Series VII Sovereign Sukuk, through which the Debt Management Office (DMO) offered N300 billion, on behalf of the Federal Government of Nigeria (FGN), recorded an unprecedented subscription excess of 735%.

It noted that this is clear evidence of the huge investor appetite for the ethical instrument introduced by the DMO in 2017 as an innovative strategy to expand the nation’s investor-base and provide opportunities for all Nigerians to participate in the activities of the capital market.

“An analysis of the subscriptions showed that the subscribers cut across various segments of the public: retail, non-interest banks and financial institutions, banks, pension fund administrators, asset/fund managers and others”.

It said that funds realised from the Issuance would be used by the government to construct new roads and rehabilitate existing ones, as well as build bridges in the six (6) geo-political zones of the country and the Federal Capital Territory.

“The raising of funds through Sukuk to finance infrastructure projects aligns with Mr. President’s Renewed Hope Agenda, of which infrastructure development is a key pillar.

“The DMO remains committed to providing safe and liquid investment products to the public and supporting the FGN’s development plans.