Sefton Fross has advised the Debt Management Office on the N150,000,000,000 Sukuk III Issuance.

Sefton Fross a top nigerian law firm advises DMO

Sefton Fross has advised on the N150, 000,000,000.00 (One hundred and fifty Billion Naira) Series III Sukuk issuance by the Debt Management Office (DMO) of the Federal Government of Nigeria.

The issuance of the third Sovereign Sukuk, which followed the debut issuance of N100 billion in September 2017 and a second issuance of another N100 billion in December 2018, came as a result of demand from a wide range of investors which included ethical funds, insurance companies, fund managers and retail investors, amongst others.

The Sukuk Issuances are project-tied, and the proceeds of the issuance will be used to finance road projects across the six (6) geopolitical zones of Nigeria. The benefits from the Sukuk Issuances, include improved safety on the roads, faster travel times, access to markets for farm produce and opening up parts of the country for development. Other important benefits are job creation and increased level of activity for service providers, many of whom are small businesses.

The Transaction attracted a very high level of subscription from investors with total subscriptions of N669.124 Billion, representing an over-subscription of 446%.

Sefton Fross has, thus far, advised the DMO on all three Sukuk issuances.