According to media reports, the road to issuing Nigeria’s first sovereign suku received a huge boost yesterday as the Securities and Exchange Commission (SEC) and the Debt Management Office (DMO) committed to strengthening their collaboration towards achieving that goal.

This information came to light when the Director General of the SEC, Dr. Mounir Gwarzo, paid a courtesy visit to the DMO.

While welcoming the delegation from the SEC, Dr. Abraham Nwankwo, DG DMO, highlighted the importance of the DMO attaches to the non-interest products space and revealed that a sovereign sukuk issuance has been a part of the Office’s strategic plan drawn three years ago.

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Nwankwo solicited support from the SEC, especially in the aspect of capacity building in ordr to realize the goal of issuing Nigeria’s first sovereign sukuk in 2016.

Responding, Gwarzo assured the DMO of continued support, promising to take measures that will help enhance the capacity of relevant staff of the DMO.

The SEC released rules governing sukuk issuance in 2013, after which the Osun State Government took advantage of the robust regulatory framework to issue Nigeria’s first sukuk which later raised N11.g4 billion.