You see, when it comes to making money, not many people care so much about where it is coming from.

Despite fears from some quarters that the Islamic bond is a tool to make Nigeria an Islamic nation, the bond was oversubscribed by a whopping 5 billion Naira.

The Debt Management Office, which oversaw the Sukuk disclosed on Tuesday, that the 100 billion Naira 7-year Sukuk attracted a subscription of 105,878,320,000 Naira.

The target was 100 billion Naira.

Also Read: Sukuk Bond Not A Plan To Islamise Nigeria – Adeosun

According to the DMO, the project-tied investment facility attracted investors from across a broad spectrum of the public, including pension funds, banks, fund managers and institutional as well as retail investors.

Commenting on the over-subscription, the Director-General, DMO, Ms Patience Oniha, said the acceptance of the offer was an indication of the viability of the instrument as an investment option as well as a demonstration of utmost faith in the Nigerian economy.

She commended the Federal Government and the Minister of Finance, Mrs Kemi Adeosun, for the policy support that led to the success of the initial offer, which industry watchers accepted as another window that had opened for the government to raise funds to fill the nation’s yawning infrastructure gap.

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