With this listing, members of the general public who
invested in the 2020 Sukuk bonds can now sell their investments and those who
wish to invest in Sukuk can now do so.
Speaking about the listing of the third Sovereign Sukuk, the
Director-General, DMO, Ms. Patience Oniha stated, “We are excited that the
trading of this Sukuk is now permissible having fulfilled the condition for
listing stipulated by the Financial Regulatory Advisory Council of Experts
(FRACE) of the Central Bank of Nigeria (CBN). The FGN Sukuk may only be listed for
trading on relevant exchanges after the commencement of works on the Road
project for the construction of the Sukuk assets. This is in order to create a
pool of assets consisting of non-financial and financial assets that could be
freely traded while avoiding the prohibition of dealing in interest-based
transactions arising out of sale of debt and exchange of currency not at par.”
NGX Limited welcomes the listing of the third Sovereign
Sukuk on the bourse which will provide exit opportunity for existing investors
and further deepen the Nigerian capital market, particularly, the relatively
nascent Sukuk market. The issuance and subsequent listing of the Sovereign
Sukuk on the NGX underscore the Federal Government’s drive for the development
of critical infrastructure needed to unlock economic growth, by leveraging
innovative and cost-effective financing structures.
The Exchange continues to deliver on its commitment to
provide a platform for issuers and investors to meet their investment
objectives. By enhancing access to the Federal Government and the private
sector, NGX has promoted and supported the growth of the debt market in Nigeria
with listings worth over Trillionth in 2020.