Since 2017, the Debt Management Office (DMO) has completed six Sukuk issuances, raising N1.092 trillion to fund road and bridge infrastructure projects across Nigeria's 36 states and the Federal Capital Territory. In preparation for our seventh Sukuk issuance, we organised the Series VII Sovereign Sukuk All Parties Meeting at the Lagos Continental Hotel on March 26, 2025 and brought together our Transaction Advisers to streamline the investment process and enhance the overall experience for potential investors.

Present at the event include the CEO, Stanbic IBTC Capital Ltd, Oladele Sotubo; MD/CEO, Buraq Capital Ltd, Hassan Usman; MD/CEO, Lotus Capital Ltd, Hajara Adeola; GMD, CardinalStone Partners, Michael Nzewi, MD, Vetiva Advisory Services Ltd, Olutade Olaegbe, the DG DMO, Patience Oniha; Directors and members of staff of the DMO as well as other respective stakeholders of various financial and legal institutions representing the DMO as Transaction Advisers for the upcoming seventh Sukuk issuance.

OPENING REMARKS BY THE DIRECTOR-GENERAL, DEBT MANAGEMENT OFFICE AT THE ALL PARTIES MEETING FOR THE SERIES VII SOVEREIGN SUKUK AT LAGOS CONTINENTAL HOTEL, VICTORIA ISLAND, LAGOS.

Issuing Houses, Delegate Trustees, Legal Advisers, Financial Advisers and other Transaction Advisers present.

It is my pleasure to address you today as we mark another milestone in Nigeria’s Sovereign Sukuk journey, which is, embarking on the 7^th issuance of the Sovereign Sukuk. This event presents an opportunity to reflect on the progress that the Debt Management Office (DMO) has made in the use of the Sovereign Sukuk as a means of raising funds for the Government.

We all would recall that the first Sovereign Sukuk was issued in September 2017. After extensive marketing, the Offer, which was for N100 billion with a tenor of 7 years, received a Total Subscription of N105.878 billion, an early indication of the positive reception of the Sukuk.

Following the modest success of the first Sukuk and the achievement recorded, from September 2017 to December 2023 when the last Sukuk was issued, the DMO has raised a total of N1.092 trillion. With this amount, over 4,100 kilometres of roads and 9 bridges across the six (6) geopolitical zones in Nigeria and the Federal Capital Territory have either been constructed or rehabilitated. These projects have brought substantial benefits, including reduced travel time, improved road safety, job creation, access to markets by remote farmers, increased access to essential public services like education and healthcare and economic development as a whole.

In addition to those benefits, other reasons for the sustained issuance are the fact that the Sukuk is project-tied, promotes financial inclusion and contributes to the development of the domestic financial market.

For the Series Seven (VII) Sovereign Sukuk issuance, the plan is to raise about N300 billion, and the proceeds will similarly be used to finance capital projects nationwide, which will yield significant benefits as previously outlined.

I thank you all for listening and I wish us fruitful deliberations.

Patience Oniha

March 26, 2025

Since 2017, the Debt Management Office (DMO) has completed six Sukuk issuances, raising N1.092 trillion to fund road and bridge infrastructure projects across Nigeria's 36 states and the Federal Capital Territory. In preparation for our seventh Sukuk issuance, we organised the Series VII Sovereign Sukuk All Parties Meeting at the Lagos Continental Hotel on March 26, 2025 and brought together our Transaction Advisers to streamline the investment process and enhance the overall experience for potential investors.

Present at the event include the CEO, Stanbic IBTC Capital Ltd, Oladele Sotubo; MD/CEO, Buraq Capital Ltd, Hassan Usman; MD/CEO, Lotus Capital Ltd, Hajara Adeola; GMD, CardinalStone Partners, Michael Nzewi, MD, Vetiva Advisory Services Ltd, Olutade Olaegbe, the DG DMO, Patience Oniha; Directors and members of staff of the DMO as well as other respective stakeholders of various financial and legal institutions representing the DMO as Transaction Advisers for the upcoming seventh Sukuk issuance.

OPENING REMARKS BY THE DIRECTOR-GENERAL, DEBT MANAGEMENT OFFICE AT THE ALL PARTIES MEETING FOR THE SERIES VII SOVEREIGN SUKUK AT LAGOS CONTINENTAL HOTEL, VICTORIA ISLAND, LAGOS.

Issuing Houses, Delegate Trustees, Legal Advisers, Financial Advisers and other Transaction Advisers present.

It is my pleasure to address you today as we mark another milestone in Nigeria’s Sovereign Sukuk journey, which is, embarking on the 7^th issuance of the Sovereign Sukuk. This event presents an opportunity to reflect on the progress that the Debt Management Office (DMO) has made in the use of the Sovereign Sukuk as a means of raising funds for the Government.

We all would recall that the first Sovereign Sukuk was issued in September 2017. After extensive marketing, the Offer, which was for N100 billion with a tenor of 7 years, received a Total Subscription of N105.878 billion, an early indication of the positive reception of the Sukuk.

Following the modest success of the first Sukuk and the achievement recorded, from September 2017 to December 2023 when the last Sukuk was issued, the DMO has raised a total of N1.092 trillion. With this amount, over 4,100 kilometres of roads and 9 bridges across the six (6) geopolitical zones in Nigeria and the Federal Capital Territory have either been constructed or rehabilitated. These projects have brought substantial benefits, including reduced travel time, improved road safety, job creation, access to markets by remote farmers, increased access to essential public services like education and healthcare and economic development as a whole.

In addition to those benefits, other reasons for the sustained issuance are the fact that the Sukuk is project-tied, promotes financial inclusion and contributes to the development of the domestic financial market.

For the Series Seven (VII) Sovereign Sukuk issuance, the plan is to raise about N300 billion, and the proceeds will similarly be used to finance capital projects nationwide, which will yield significant benefits as previously outlined.

I thank you all for listening and I wish us fruitful deliberations.

Patience Oniha

March 26, 2025