Greenwich Merchant Bank Supports FGN to Raise N250bn for Infrastructural Projects

Nume Ekeghe

Greenwich Merchant Bank Limited (GMB), mandated Issuing House to the N250 billion FGN Sukuk Series IV issuance along with other advisers, has assisted the Federal Government of Nigeria to successfully close the largest Sukuk issuance by the FGN via the Debt Management Office Nigeria (DMO).

The merchant bank in a statement said the Sukuk issuance elicited significant interest from both retail and institutional investors, evidenced by its oversubscription of 346 per cent. The Sukuk programme, it added, is designed to support the construction and rehabilitation of key economic infrastructure such as roads across the six geopolitical zones in Nigeria and to diversify the sources of government funding.

The Managing Director of Greenwich Merchant Bank, Mr. Bayo Rotimi, highlighted that GMB’s participation as a Joint Issuing House aligned with the Bank’s strategic focus of arranging bespoke long-term funding solutions for the FGN, Sub-Nationals, and large Corporate happy to have contributed to the successful issuance of the FGN Sukuk Series IV through its core objective of creating value for both government and private sector.

The achievement of this milestone shows that investors have confidence in Nigeria’s path to economic recovery, stability, growth, and development. Since the first Sovereign Sukuk issuance in 2017, the Sukuk program continues to catalyze infrastructural development across the country for the socio-economic well-being of Nigerians”, Rotimi said