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DMO appoints Lotus as financial adviser to FG’s N100bn Sukuk

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Ms Patience Oniha, Director-General, Debt Management Office, Nigeria<br />

The Debt Management Office has appointed Lotus Financial Services Limited as joint financial adviser to the second tranche of the N100bn Sukuk floated by the Federal Government of Nigeria.

According to a statement from the firm, the appointment is coming for the second year running as a result of the firm’s performance and role in the first Sukuk issuance.

The statement described Sukuk as investment certificates evidencing ownership in an underlying asset or business.

It said similar to the first N100bn Sukuk issued in 2017, which recorded over 100 per cent subscription, the second Sukuk was issued to construct and rehabilitate 28 economic roads across the six geopolitical zones of the country.

The Sukuk, which has tenor of seven years, attracts a rental rate of 15.7 percent distributable semi annually and a minimum of investment of N10,000, is on offer as part of the Federal Government’s efforts to promote financial inclusion and increase capital spending. The offer however closes on December 17, 2018.

“Since inception, Lotus has led capacity building and product development initiatives in the non-interest industry and has successfully advised and raised funds for the Federal and State governments and several corporations in Nigeria” the statement read in part.


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