DMO’s ₦300bn Sovereign Sukuk Oversubscribed by 735%, Hits Record ₦2.2tn
The Debt Management Office (DMO) has announced a groundbreaking milestone with the successful issuance of the Series VII Sovereign Sukuk, attracting an overwhelming ₦2.205 trillion in subscriptions against an initial offer of ₦300 billion, representing an oversubscription of 735 percent.
This was disclosed in a statement released on Wednesday by the DMO.
The remarkable response underscores a historic level of investor confidence in the ethical financial instrument, which was first introduced in 2017 as part of the DMO’s innovative financial inclusion strategy.
“This is clear evidence of the huge investor appetite for the ethical instrument introduced by the DMO in 2017 as an innovative strategy to expand the nation’s investor base and provide opportunities for all Nigerians to participate in capital market activities,” the DMO stated.
The Series VII Sovereign Sukuk attracted a wide range of investors, including retail participants, non-interest banks, conventional banks, pension fund administrators, asset and fund managers, and other financial institutions.
The DMO emphasized that proceeds from the Sukuk will be deployed toward infrastructure development projects across Nigeria. Specifically, the funds will be used for the construction of new roads, rehabilitation of existing ones, and the building of bridges across all six geopolitical zones and the Federal Capital Territory.
“Like the previous series, funds realized from the issuance will be used by the FGN to construct new roads and rehabilitate existing ones, as well as build bridges in the six geopolitical zones of the country and the Federal Capital Territory,” the statement read.
These infrastructure investments align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes infrastructure development as a cornerstone of national progress.
“The raising of funds through Sukuk to finance infrastructure projects aligns with Mr. President’s Renewed Hope Agenda, of which infrastructure development is a key pillar,” the DMO added.
Reaffirming its commitment to sustainable financing, the DMO reiterated its mission to provide “safe and liquid investment products to the public” while supporting the Federal Government’s broader development objectives.
The Sovereign Sukuk is a non-interest-bearing, Shariah-compliant financial instrument designed to attract ethical investors and deepen Nigeria’s capital market. With each successful issuance, the DMO enhances its reputation for innovation and fiscal responsibility.
The unprecedented success of the Series VII issuance highlights the growing trust in alternative financing instruments and further positions Sukuk as a viable tool for Nigeria’s infrastructure development and inclusive economic growth.
