The Federal Government of Nigeria, through the Debt Management Office (DMO), has launched the N300 billion Series VII Sovereign Sukuk, as part of ongoing efforts to bridge Nigeria’s infrastructure deficit and widen access to ethical investment options.
Announced on behalf of FGN Roads Sukuk Company 1 Plc, the latest offering is now open for subscription and will close on Tuesday, May 20, 2025.
Since the inaugural Sukuk issuance in September 2017, the DMO has used this Islamic finance instrument to fund critical infrastructure projects, promote financial inclusion, and deepen the domestic capital market. The new issuance follows the same path, with all proceeds designated for the construction and rehabilitation of roads and bridges across the country. Projects will be executed by designated Federal Government agencies.
“The Sovereign Sukuk has proven to be a successful model not just for raising infrastructure funds, but also for democratizing investment,” the DMO said in a statement. “Retail and institutional investors alike have continued to show confidence in the instrument, which also aligns with ethical finance principles.”
The Sukuk structure is compliant with Islamic finance tenets, avoiding interest-based mechanisms while allowing investors to earn returns through asset-backed contracts such as Ijarah (lease). This model has not only attracted ethical investors, but also helped broaden Nigeria’s financial landscape.
Investors interested in the offer can access key documents, including the Sukuk VII Prospectus, subscription forms for both Qualified Institutional Investors and retail investors, and a suite of Shari’ah-compliant agreements through the official offer link.
For further enquiries or subscription support, potential investors can contact Cowry Asset Management representatives listed below:
- Folake Osho | fosho@cowryasset.com | +234 809 219 0092
- Yusuf Alatise | yalatise@cowryasset.com | +234 807 250 3979
- Ikechukwu Mbanefo | imbanefo@cowryasset.com | +234 803 774 6770
- Aderoju Akinbo | aakinbo@cowryasset.com | +234 817 360 2266
- James Nwaehiri | jnwaehiri@cowryasset.com | +234 806 261 0746
- Valentine Amadi | vamadi@cowryasset.com | +234 706 278 3688 (Port Harcourt)
- Abdulazeez Isah | aisah@cowryasset.com | +234 803 664 0369 (Abuja)
- Dora Ataman | dataman@cowryasset.com | +234 903 599 0463
With six successful Sukuk issuances already executed, the DMO is optimistic that the Series VII offer will further cement the role of Islamic finance in advancing Nigeria’s infrastructure development and financial inclusivity agenda.
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