DMO Pitches Stakeholders on Sukuk Sales
Patience Oniha, DMO boss

DMO Pitches Stakeholders on Sukuk Sales

In what appears as a sales pitch, the Debt Management Office (DMO), on Thursday, engaged financial market stakeholders on the 6th series of its “Sovereign Sukuk Issuance” programme.

The programme was organised to intimate Nigerians and the stakeholders about the benefit of investing in the Sukuk. The DMO announced an offer for subscription of its 6th, 10-year tenor Sovereign Sukuk for N150 billion, at a rental rate of 15.75 per cent.

According to Patience Oniha, Director-General of the DMO, the Sovereign Sukuk was in initiated in 2017 to aid the rehabilitation and construction of critical national infrastructure.

Oniha said that the Federal Government had raised and deployed N752.557 billion, through the Sukuk, for the development of critical infrastructure since 2017. She said that Sukuk helped in infrastructure development and also achieved associated multiplier benefits.

“The DMO, through the issuance of Sukuk, has raised and deployed N752.557 billion to the rehabilitation and construction of 4, 000 kilometres of roads and bridges across the six geopolitical zones and the Federal Capital Territory (FCT).

“Apart from infrastructure development, Sukuk encourages financial inclusion by offering ethical investors an opportunity to invest in government securities.

“It deepens the domestic financial market and also sets a benchmark for corporates and subnationals,” she said. She assured that the Sukuk was backed by the full faith and credit of the Federal Government. #DMO Pitch Stakeholders on Sukuk Sales

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