IslamicFinance.de

The #Nigerian Debt Management Office (DMO) is accessing the local market for N100 billion through Sukuk. The first Nigerian Sukuk is a 7-year tenor debt instrument and will go on sale from June 28, 2017, for three days via book building. It will be traded on the Nigerian Stock Exchange (NSE) and the FMDQ Securities Exchange OTC platform. The bond will target retail and institutional investors, while First Bank and Islamic wealth manager Lotus Capital will act as managers for the sale. According to DMO, the introduction of Sukuk is not only a way of raising capital for the government and promotion of greater financial inclusion, it is also part of the plan to fast track infrastructure development. The current manager of DMO, Dr. Abraham Nwankwo will be leaving office at the end of June and the Sukuk issuance is seen as his parting gift.