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First sovereign Sukuk attracts over N5bn in 2017, says committee

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AfDB Building<br />

The Technical Committee on Non-interest capital market has said the first sovereign Sukuk attracted over N5b into the market from 1,600 retail investors in 2017.
 
It also said the next level of engagements was to work with supra-national entities (such as IFC, AfDB), state governments, institutions, such as Federal Mortgage Bank to include Sukuk options in their capital investment plans.

The Ag. Director-General, Securities and Exchange Commission (SEC), Mary Uduk, while revealing this, yesterday, at the end of the Capital Committee meeting held in Abuja, noted that the Technical Committee on E-dividend registration also reported that the total approved mandates currently is about 2.5m translating into 466,000 unique investor accounts.

She said: “The deadline for the free E-dividend registration was March 31, 2018 and that has not changed. The new direction of the industry is that bank managers along with registrars will charge a token sum of N150 per mandate.”

According to her, capital markets are moving towards Electronic IPOs (e-IPO) globally and the Nigerian Capital Market is working to adopt this trend.


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