Government’s Second N100 Billion Sukuk to Bring Comfort to Nigerians- FBN Quest
The Debt Management Office (DMO) has listed a second Federal Government N100 billion Ijarah Sukuk on the Nigerian Stock Exchange (NSE) and the FMDQ OTC Plc. FBN Quest Merchant Bank Ltd and Lotus Financial Services Ltd are the financial advisers to the issue.
Head, Debt Capital Markets, FBN Quest Merchant Bank Ltd, Oluseun Olatidoye emphasized on the main objective of the Nigerian government which is financial inclusion and also what to hope for with the involvement of stockbrokers in the forthcoming project.
Olatidoye while speaking in an interview at the 2nd Tranche FGN Sukuk Facts behind the Offer said that the participation of stockbrokers brings in the better chance of reaching more investors and also gave the assurances of transparency in carrying out the project to drive it to a success.
He said “We are engaging them and carrying them along, also taking them through the transaction dynamics so that they can speak to the retail head of the market so as to get much positive response.”
He referred to the previous transaction which was a success, stating 5 per cent income from retail investors but hopes for a better income from the retail investors in the second project.
“Also, numbers of investors participates in the capital market and the development of the capital market.”
He added that the previous project cut across the six-geopolitical zones of Nigeria and it has ever since been effective as most Nigerian, pointing out that it brought about ease in the movement of goods, job creation, improvement in transportation and expects the progress to continue.
“Quite a number of us have seen those roads and I’m sure people have seen the effect of the last N100 billion on the Nigerian roads. What we are saying is to trust us, allow us to spend another N100 billion to fix portion of the same road and make life better.”
He however urged and assured investors that the second project also worth N100 billion should also be encouraged again to achieve success hoped for and proper utilization of the money.
FBN Quest is the unified brand name for the Merchant Banking and Asset Management businesses of FBN Holdings Plc., one of the strongest and most dependable financial service groups in sub-Saharan Africa.
The bank which has been in operation for over 12 years and have been able to raise over N5 billion for the Sub-National Government and on several corporates.