Government raises N165 billion for infrastructure projects via sukuk V

Greenwich Merchant Bank Limited, a mandated issuing house to the Federal Government (FG) 15.64 per cent N100 billion Sukuk V Issuance, has successfully closed the offer with a subscription level of over N165 billion.

The Guardian gathered that the initial N100 billion offered was upsized to N130 billion owing to the subscription level of over 165 per cent, confirming investors’ sustained appetite.

In the FG’s Sukuk programme, led by the Debt Management Office (DMO), the proceeds of the Sukuk V Issuance, The Guardian also gathered, would be used to finance the rehabilitation and construction of road projects across the six geo-political zones of the country.

Speaking on the development, the Managing Director, Greenwich Merchant Bank, Bayo Rotimi, said the bank’s participation, as an issuing house in the transaction, was evidence of its focus on infrastructural development as a key driver of economic development.

“Greenwich Merchant Bank is very proud to have supported the Federal Government in this milestone transaction and remains determined to deliver solutions that improve the socio-economic position of Nigerians,” he said.

In 2021, Greenwich Merchant Bank also served as an issuing house in the FGN N250 billion Sukuk IV issuance, which was oversubscribed by 346 per cent.