NOW OPEN: UP TO N250 BILLION FEDERAL GOVERNMENT OF NIGERIA SERIES IV SUKUK ISSUANCE

Dear Esteemed Investor,

The Debt Management Office Nigeria (“DMO”) has mandated Greenwich Merchant Bank Limited, Stanbic IBTC Capital Limited and Vetiva Capital Management Limited as Issuing Houses for the issuance of the Federal Government of Nigeria’s (“FGN” or the “Issuer”) Series IV Sovereign Sukuk of up to NGN250 Billion (the “Issue” or “the Offer’’). We are pleased to announce that the Offer is now open and scheduled to close at 2.00pm on Wednesday, December 22, 2021.

The DMO commenced the issuance of Sovereign Sukuk in September 2017 as a strategic initiative to support the development of infrastructure, promote financial inclusion and deepen the domestic securities market. As with previous issuances, the proceeds of the Issue will be used to finance the rehabilitation and construction of road projects, which have been identified by the Federal Ministry of Works and Housing, Federal Capital Territory Administration and the Ministry of Niger Delta Affairs.

A summary of the indicative terms of the Issue is provided below:

ISSUERFGN Roads Sukuk Company 1 Plc
ObligorFederal Government of Nigeria
InstrumentSukuk Al Ijarah (Lease)
Joint Issuing HousesGreenwich Merchant Bank Limited, Stanbic IBTC Capital Limited and Vetiva Capital Management Limited
Financial AdviserBuraq Capital Limited
Issue SizeUp to NGN250 billion
Tenor10 years
Rate12.8%
RepaymentBullet sum at maturity
Use of ProceedsThe funds will be used to finance rehabilitation and construction of road projects identified by the Federal Ministry of Works and Housing, Federal Capital Territory Administration and the Ministry of Niger Delta Affairs
StatusDirect, unconditional, unsubordinated unsecured obligations of the Federal Government of Nigeria which ranks pari passu with other outstanding present and future unsecured obligations of the Federal Government of Nigeria
DistributionFixed price public offering to all classes of investors
Offer OpensThursday, 16 December, 2021
Offer ClosesWednesday, 22 December, 2021

Minimum Subscription
Minimum of NGN10,000 (at NGN1,000/unit) and in multiples of NGN1,000 thereafter
Shari’ah Compliance StatusShari’ah Compliant; structure and transaction documents approved by the Financial Regulatory Advisory Council of Experts (FRACE)
ListingNigerian Exchange Limited and FMDQ Securities Exchange Limited

Kindly access the supporting Issue documents via  DMO Sovereign Sukuk Series IV Issuance for your perusal:

  1. FGN Sukuk IV Prospectus;
  2. DMO Sukuk Series IV Subscription Form for Qualified Institutional Investors (QIIs);
  3. DMO Sukuk Series IV Subscription Form for Retail and other Non-QIIs;
  4. Frequently Asked Questions (FAQ) – All you need to know about the 4th FGN Sukuk; and
  5. Investor Presentation.

Please do not hesitate to contact us if you require any additional information.

KEY CONTACTS:

Kenneth EroKemi AdetonaOkonkwo Chiamaka 
Head, Investment BankingCapital MarketsCapital Markets 
Tel:    08055029708
Email: [email protected]  
Tel:    08151711272
Email: [email protected]
Tel:    09053864556
Email: [email protected]
 

Thank you

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