The Debt Management Office (DMO) says it is offering a 10-year N250bn Sukuk instrument at a rental rate of 12.80 percent per annum, payable half-yearly.
The DMO, in a statement on Thursday, said the offer, at N1,000 per unit, is subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.
According to the statement, the instrument was issued by FG Roads Sukuk Companies 1 Plc on behalf of the federal government.
The DMO said that the proceeds from the offer would be used solely for the construction and rehabilitation of key road projects across the six geopolitical zones of the country.
“The offer opens on Thursday and closes on December 24, the settlement date being December 24.
“It qualifies as securities in which trustees can invest under the Trustee Investment Act.
“It also qualifies as Government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for Tax Exemption for Pension Funds, among other investors,” the statement read.
According to DMO, the Sukuk instrument is to be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited.
“Classified as Liquid Asset by the Central Bank of Nigeria, and certified by the Financial Regulatory Advisory Council of Experts (FRACE) of the Central Bank of Nigeria,” DMO said.
“It is backed by the full faith and credit of the Federal Government of Nigeria.”
It directed interested investors to contact the issuing houses, including Greenwich Merchant Bank Limited, Vetiva Capital Management Limited and Stanbic IBTC Capital Limited, for the offer.
 says it is offering a 10-year N250bn Sukuk instrument at a rental rate of 12.80 percent per annum, payable half-yearly.){kind=link}