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Finance Minister delivers the opening remarks at the ceremony for the presentation of symbolic cheque of #100 billion.

Not quite long, the Minister of Finance has reportedly delivered the remarks at the ceremony for the presentation of symbolic cheque of #100 billion Sovereign Sukuk investor distribution.



She said "This afternoon, I delivered the opening remarks at the Ceremony for the Presentation of Symbolic Cheque of N100bn Sovereign Sukuk Proceeds to the Federal Ministry of Power, Works and Housing.

"Recall that Federal Government of  Nigeria issued a ₦100 billion Sovereign Sukuk in December, 2018 that was oversubscribed to the tune of ₦132.2b or 132.2%. This was opened to the public: Retail Investors, Pension Fund Administrators, DMBs &Other Institutional Investors. An indication of the wide acceptance of the financing product. 

"The significant increase in participation by Retail Investors from about 4% in 2017 to 17.33% in 2018 means the objectives of financial inclusion & deepening of Investor base of Federal Government of Nigeria Securities are gradually being achieved. 1,876 Retail Investors participated in the Sukuk Issuance.

"Proceeds will support Federal Government's capital spending for 2018 – the construction& rehabilitation of 28 key economic roads in the 6 geo-political zones of the country with equal allocation of ₦16.67b. The roads will ease commuting, spur economic activities & close our infrastructural gap.

"The Sukuk funding option is part of the initiatives of the Federal Government of  Nigeria to diversify funding sources, to deepen the Nigerian capital market, to mobilise more savings and promote financial inclusion. The use of proceeds of the issuance has an in-built investor protection mechanism. 



"The funds will be released to the Federal Ministry of Power, Work, and Housing based on a framework agreed with the Trustees (FBNQuest Trustees Ltd & STL Trustees Ltd) who will monitor the disbursements & have been ring-fenced in a dedicated account at the CBN to ensure transparency and accountability in use of proceeds.
 



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