The Debt Management Office (DMO), on behalf of the Federal Government, announced the offering of N100 billion FGN Sukuk bonds for subscriptions. The bonds are offered at 15.64% per annum and will be due in 2032.
It is offered at N1,000 per unit subject to a minimum subscription of 10,000 units and in multiples of 1,000 thereafter. Date of an offer is November 21; the closing date is November 29 while the settlement date is December 2, 2032.
Rental payment is made half-yearly while bullet payment (principal sum) will be made on the date of maturity. Proceeds will be used solely for the construction and rehabilitation of key road projects across the six geopolitical zones of the country.
It qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act and for tax exemption for pension funds administrators amongst other investors.”
It will be listed on the Nigerian Exchange and the FMDQ Securities Exchange. It is classified as a liquid asset by the CBN and certified by the Financial Regulations Advisory Council of Experts of the CBN.
Source: DMO announces N100bn FGN Sukuk bonds at 15.64% per anum – StocksWatch (stocksng.com)