Banks, pension managers, others stake N105 billion on sukuk bond

The Islamic sukuk bond recently issued by the Federal Government was oversubscribed by more than N5 billion, the Debt Management Office said on Tuesday.

The N100 billion seven-year sukuk offered by the Federal Government, which closed on Friday, attracted a subscription of N105,878,320,000, according to a statement issued in Abuja by the DMO.

According to the DMO, the project-tied investment facility attracted investors from across a broad spectrum of the public, including pension funds, banks, fund managers and institutional as well as retail investors.

Reacting to the oversubscription, the Director-General, 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 Nigerian economy.

Photo Caption: DMO Logo