IslamicFinance.de

The Nigerian State of Osun has completed N11.4bn sukuk bond issue. The sukuk bond was issued in accordance with enactment of the Osun State Bonds, Notes and Other Securities Law 2012 and setting up the Osun Sukuk Company Plc. Though Islamic in nomenclature, the sukuk bond was a conventional bond and coordinated by the regular investors in the nation’s capital and money market. The N14. 4 bn sukuk (14. 75 per cent) fixed return tranche 2 has 42 investors with Lotus Capital Limited as the leading issuing house and Augusto and co, one of Nigeria’s rating agencies, as the rating agent. Out of the 42 investors, only one of them (Jaiz Bank) is Islamic and the name sukuk is just a nomenclature, saying that the investors are regular Nigerians.