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Finance | Islamic Finance

FGN Sukuk Series V - Greenwich Merchant Bank Supports the Federal Government to Raise N130bn for Infrastructure Projects

Dec 07, 2022   •   by   •   Source: Greenwich Merchant Bank   •   eye-icon 233 views

Greenwich Merchant Bank Limited, a mandated Issuing House to the FGN 15.64% N100 Billion Sukuk V Issuance, along with other Issuing Houses, has successfully closed the offer with a subscription level of over N165 Billion.

 

The initial N100 Billion offered was upsized to N130 Billion due to the subscription level of over 165% evidencing investors sustained appetite in the FGN Sukuk programme led by the Debt Management Office, Nigeria.

 

The proceeds of the Sukuk V Issuance shall be used to finance the rehabilitation and construction of road projects across the six geo-political zones of the country.


Speaking on this development, The Managing Director, Mr. Bayo Rotimi shared that “Greenwich Merchant Bank’s participation as an Issuing House in the Sukuk transaction is evidence of our focus on infrastructural development as a key driver of economic development”.

 

Greenwich Merchant Bank is very proud to have supported the Federal Government of Nigeria in this milestone transaction and remains determined to deliver solutions that improve the socio-economic position of Nigerians.

 

In 2021, Greenwich Merchant Bank also served as an Issuing House in the FGN N250 Billion Sukuk IV issuance which was oversubscribed by 346%.

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