DMO Lists FG’s Second N100Billion Sukuk On NSE

DMO Lists FG's Second N100Billion Sukuk On NSE

Must Read

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Zenith Bank FY 2019 Financial Statement: Fear the Bank’s Staff more than the Yahoo Boys

The Board of Zenith Bank PLC, on Friday, 21st February 2020 released the bank’s audited full financial statement for...
- Advertisement -
- Advertisement -

Debt Management Office (DMO) of Nigeria on Tuesday, July 23, 2019, listed on The Nigerian Stock Exchange, the second ₦100bn, 7-Year, FGN Sukuk due to mature in 2025. The Sukuk was raised at a rental rate of 15.743%, a 73-basis point discount from the 16.47% rental rate of the maiden issuance listed in April 2018.

Sukuk bonds are structured to generate returns to ethical investors without infringing on the Islamic principles which forbid interest payments. It represents an ownership interest in the asset to be financed rather than in a debt obligation.

According to DMO, the aim of the FGN Sukuk is to promote financial inclusion and deepen of the investor base for FGN securities. It will be deployed to financing infrastructure, in keeping with the Government’s commitment to bridging the infrastructural gap across the country.

Read:  IB Hero’s Foundation To Reward Young Entrepreneurs December 18

Commenting on the Listing, Head, Trading Business Division, NSE, Mr. Jude Chiemeka said, “At the Exchange, we believe enhancing access to capital for the Federal Government and the private sector is key to national economic growth. This is the motivation behind our commitment to promote and support the growth of the debt market in Nigeria. Our efforts are geared towards expanding the NSE’s position as the multi-asset hub, creating ample possibilities for our key stakeholders, while delivering a transparent and liquid market to investors”.

The emerging and frontier markets can expect greater traction in their quest to continually unlock dormant pools of capital. This listing is particularly important in scaling development for these economies characterized by daunting growth in infrastructure and also have a strong bias for Islamic Finance”.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Zenith Bank FY 2019 Financial Statement: Fear the Bank’s Staff more than the Yahoo Boys

The Board of Zenith Bank PLC, on Friday, 21st February 2020 released the bank’s audited full financial statement for...

Chemical and Allied Paints Plc: Unconvincing results but fundamentals remain strong

Chemical and Allied Paints Plc (CAP Plc) recorded revenue growth for the third year running since it reported a revenue decline in 2016 (the...

Third Winner Of Konga Travel Rolls Royce Promo Emerges

Konga Travel and Tours, which was recently named Most Innovative Agency by the global airline, Virgin Atlantic, has disclosed the identity of the third...

Barcelona Could Leapfrog Real Madrid at The Top of LaLiga Santander This Weekend While The Battle Heats Up At The Bottom

Expect more twists and turns this weekend in both the title race and battle at the bottom as the 2019/20 LaLiga campaign continues to...
%d bloggers like this: