The Federal Government has raised N1.1 trillion ($657.6 million) through the issuance of six Sukuk bonds, aimed at financing 124 critical road projects, covering 5,820 kilometers and spread across the six geopolitical zones.
The Director General of the Securities and Exchange Commission, Emomotimi Agama, disclosed this yesterday at the ongoing 2nd International Islamic Capital Market Conference in Karachi, Pakistan.
According to a statement from the Commission, the DG said the success rate makes the Islamic Capital Market (ICM) stand out as a resilient and innovative tool for mobilising resources.
Agama described the issuance of sovereign Sukuk since 2017 as a key pillar responsible for the growth of the ICM in Nigeria, adding that these issuances have consistently been oversubscribed, with subscription rates reaching as high as 441 per cent.
He disclosed that sub-national and corporate Sukuk issuances are also growing in Nigeria, with notable examples like Osun and Lagos states, Family Homes Ltd and TAJ Bank Plc, along with private Sukuk issuances by three other sub-nationals.
