FGN Debt Sukkuk Bond Issuance

The Federal Government of Nigeria (FGN) is issuing its debut Sukuk Bond and offer launch date is September 11, 2017.
The table below gives a summary of the indicative terms of the Offer.

Indicative Terms
Indicative Terms  
Issuer: FGN Roads Sukuk Company 1 Plc, wholly-owned by the Federal Government of Nigeria
Originator: The Debt Management Office (DMO)
Issue Size: NGN100 billion
Tenor: 7 years
Rental Rate: [benchmarked to FGN bonds with similar term to maturity] and payable semi-annually
Maturity date: [•] 2024
Use of Proceeds: Funding of road construction/rehabilitation
Distribution: Public offering to all classes of investors
Redemption: Bullet principal repayment at maturity
Security: Backed by the full faith and credit of the Federal Government of Nigeria
Paying Agent: Central Bank of Nigeria (CBN)
Clearing System: Central Securities Clearing System PLC
Listing: Nigerian Stock Exchange
FMDQ OTC Securities Exchange
Advisory Board: CBN’s Financial Regulatory Advisory Council of Experts (FRACE)
Status: Qualifies as Government securities within the meaning of Companies Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for tax exemption
Qualifies as a liquid asset for deposit money banks and other financial institutions under the supervision of the CBN
Qualifies as securities in which trustees can invest under the Trustee Investment Act
Qualifies as allowable instrument for Pension Fund Administrators
Click on the links below for the Investor Presentation and Subscription Form:


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