The Debt Management Office (DMO) has listed the N250billion, 10-year 13% Ijarah Sovereign Sukuk due 2031, on Nigerian Exchange Limited (NGX), on Tuesday, 5 July 2022.
The Ijarah Sovereign Sukuk was successfully listed on NGX, having fulfilled the conditions set by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria, which stipulated that trading in the instrument would only be permissible after the commencement of works on the road projects scheduled for construction through the Sukuk assets.
This listing will facilitate its trading and provide liquidity to investors, further deepening the Nigerian capital market.
In 2021, DMO listed the N162.6b seven-year Sukuk with a rental rate of 11.20 percent on the Exchange to be used for financing the rehabilitation and construction of key road projects across the 36 states and the FCT.
NGX welcomes this listing on the bourse, which will provide an exit opportunity for existing investors and further deepen the Nigerian capital market, particularly, the relatively nascent Sukuk market.