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Home Business News Politics

FG lists second N100 billion Sukuk bonds on NSE

Fakoyejo Olalekan by Fakoyejo Olalekan
July 24, 2019
in Politics, Stock Market
All Share Index, Zenith, Fidelity, FBN leads actively traded stock on Wednesday

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The Debt Management Office (DMO) has listed N100 billion Sukuk bonds on the Nigerian Stock Exchange (NSE). The Sukuk is a type of bond that doesn’t apply interest rate but allows an investor to earn profit from investment or rental from the asset.

According to reports, the second Federal Government N100 billion Sukuk was raised at a rental rate of 15.743%, compared to the maiden issuance listed in April 2018 at 16.47%. This is a 73-basis point discount from the first issuance listed last year.

[READ ALSO: Union Bank Plc makes gainers’ list as NSE ends trading on a positive note]

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The Sukuk bond is expected to mature by 2025. Issuing the two Sukuk bonds at the capital market is an effort by the administration of President Muhhamdu Buhari to ensure financial inclusion, as investors who partake in the bond mostly don’t transact other investments due to their religious beliefs.

What you need to know: Sukuk is an Arabic term which means ‘financial certificates’. The Sukuk bond applies Shariah principles and concepts, and it’s endorsed by the Shariah Advisory Council which was established in 2007 by the Arab Chamber of Commerce and Industry. Shariah law frowns at the generation of money from money such as interest.

The listing of the Sukuk bond will deepen the investor base for FGN securities, according to the report seen by Nairametrics.

Debt Management Office, Nigeria list Sukuk bond on NSE, FG DMO list Sukuk bond on NSE, NSE expels 38 stockbroking firms, Companies on NSE, NSE rules, Nigerian Stock Exchange, NSE, CBN, Banks' recapitalisation
The Nigerian Stock Exchange

Reacting to the bond listing, Mr. Jude Chiemeka, Head, Trading Business Division of the NSE,  said, “At the Exchange, we believe enhancing access to capital for the Federal Government and the private sector is key to national economic growth. This is the motivation behind our commitment to promote and support the growth of the debt market in Nigeria.

“Our efforts are geared towards expanding the NSE’s position as the multi-asset hub, creating ample possibilities for our key stakeholders, while delivering a transparent and liquid market to investors.

“The emerging and frontier markets can expect greater traction in their quest to continually unlock dormant pools of capital. This listing is particularly important in scaling development for these economies characterized by daunting growth in infrastructure and also has a strong bias for Islamic Finance.”

[READ MORE: Worry, as another Air Peace jet gets involved in an accident]


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Tags: Debt Management OfficeFG list Sukuk bond on NSENigeria list Sukuk bond on NSE
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

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