The Nigerian Debt Management Office,DMO has launched a N300 billion seven year Ijarah bond to finance some public road construction projects in the country.The DMO announced the sukuk issue, which is a Forward Ijarah (lease) type issued May 12,2025 on behalf of FBN Roads Sukuk Company, itself representing the Federal government of Nigeria.
According to the summary of the offer,”proceeds would be used solely for the construction and rehabilitation of key road projects and bridges across the six geo-political zones of the country”.
Issuing houses and and financier adviser to the offer are Greenwich Merchant Bank, Vetiva Capital Management and Stanbic IBTC Capital.Technical advisers to the issuing houses are Cardinal stone Partners, Lotus Financial Services and Buraq Capital. Coupon rate is 19.75 per cent, which is redeemable in full in 2032.
Greenwich Merchant Bank,Lotus Bank,Jaiz bank, Zenith Bank and StanbicIBTC Bank would serve as receiving banks to the offer.
Minimum subscription is N10000,and it is open to both institutional and retail investors.The offer which opened Mondey,May 12, would close May 20,whereas settlement date is May 23,2025.The offer would be listed on both the Nigerian Exchange, NGX and the FMDQ Securities Exchange.
Popular Posts
