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Subscription for FG’s Sovereign N100b Sukuk Begins

By Dipo Olowookere

Subscription for the Federal Government’s issuance of the N100 billion non-interest bearing bond otherwise known as Sukuk has commenced.

The exercise kicked off on Thursday, September 14, 2017 and will last till Wednesday, September 20, 2017.

Information obtained by Business Post on the website of the Debt Management Office (DMO), which is conducting the exercise on behalf of the government, said the settlement date for the offering is Friday, September 22, 2017.

Last Thursday, the debt office started a national roadshow reaching major cities in the country like Lagos, Port Harcourt, Kano and Kaduna.

The debut N100 billion Ijarah (lease) Sukuk is with a tenor of seven years offered at a rental rate of 16.47 percent and has been certified as ethically compliant by the Financial Regulation Advisory Council of Experts of the Central Bank of Nigeria (CBN).

According to the DMO, investors can subscribe N1,000 per unit subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.

Proceeds from the exercise would be used solely for the construction and rehabilitation of key roads across the six geopolitical zones of the country.

Investors have been advised to contact FBN Merchant Bank Ltd, Lotus Financial Services Ltd or download the prospectus and application form at,, and

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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