The Federal Government of Nigeria has launched a N300 billion Sukuk offer for subscription through FGN Roads Sukuk Company 1 Plc. This 7-year Ijarah Sukuk, due in May 2032, offers a rental rate of 19.75% per annum, payable half-yearly, with a bullet repayment on the maturity date.
The Sukuk is part of the government's efforts to fund the construction and rehabilitation of key road projects and bridges across the six geopolitical zones of the country. The instrument is structured as a Forward Ijarah (Lease) Sukuk, with units of sale priced at N1,000 per unit, subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.
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The issuer is FGN Roads Sukuk Company 1 Plc on behalf of the Federal Government of Nigeria. The Sukuk is backed by the full faith and credit of the Federal Government of Nigeria. The Sukuk is classified as a liquid asset by the Central Bank of Nigeria and certified by the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria. It will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited.
The subscription which opened on May 12, 2025, closes on May 20, 2025, with a settlement date of May 23, 2025.
Issuing Houses and Financial Advisers
1. Greenwich Merchant Bank Limited
2. Vetiva Capital Management Limited
3. Stanbic IBTC Capital Limited
Technical Advisers
1. CardinalStone Partners Limited
2. Lotus Financial Services Limited
3. Buraq Capital Limited
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