INFRASTRUCTURE: DMO Seeks N100bn For Road Construction

Munachimso
Munachimso

By Munachimso Obienyi

The Debt Management Office has announced the offering of N100bn Ijarah Sukuk bonds for subscriptions.

The proceeds would be invested in constructing and rehabilitating certain strategic roads across the country.

According to a statement released via the DMO website, the bonds were offered at 15.64 per cent per annum and will be due in 2032. The statement added that the bonds were offered at N1,000 per unit.

Subscriptions to the ten-year-tenured bonds started on Monday and would close on November 29, 2022.

The statement by the DMO added that the full faith and credit of the Federal Government was backing the Ijarah Sukuk bond.

The statement read in part, “Date of an offer is Nov. 21; the closing date is Nov. 29 while the settlement date is Dec. 2. 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.

“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.

Leave your vote

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.