Nigeria Starts N100b Sovereign Sukuk Bond Sales
President Muhammadu Buhari.

The Federal Government has started the sale of its second tranche 7-year N100 billion Sovereign Sukuk, according to the Debt Management Office (DMO).

This was revealed in a circular by the DMO on Thursday where it noted that the Sukuk bond is at a rental rate of 15.74 percent and would be due in 2025.

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The bond is targeted at funding road infrastructure in the country and is payable semi-annually.

The subscription for the bond will close on December 17 with subscribers able to buy N1,000 per unit subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter with First Bank and Islamic wealth manager, Lotus Capital managing the sale.