Sukuk Bond 2020 – How to Subscribe


Derived from the Islamic word – Sakk, the term Sukuk roughly implies a legal-binding document, a legitimate financial certificate that is in compliance with the Sharia religious law. The concept of the Sukuk bond scheme dates back to the 7th century AD. 

The maiden Sukuk transaction which took place in Damascus, Syria was necessary as the Sharia law prohibits Usury (earning of interest on loans, investments, or bonds). 


The Sukuk scheme suggests ownership of an Islamic compliant asset. The asset must clean and be void of harams e.g drug peddling, adult content promotion, alcoholism, etc. A fixed percentage of revenue generated from the asset and is paid to the asset owner.  This is unlike the typical bond that pays a fixed rate of earning as coupon bi-annually or annually.

Terms of the FGN Ijarah Sukuk Bond Offer

sukuk arabic


The Debt Management Office (DMO) through The Federal Government of Nigeria Roads Sukuk Company 1 Plc, Nigeria


The guarantee and credit of the Federal Government of Nigeria


The asset rental rate is 11.20% per annum, payable bi-annually.


Minimum subscription of N10,000, and multiples of N1,000 thereafter. N1,000 per unit.


The scheme will run for 7 years, and will expire in June 2027.


The Ijarah Sukuk Bond 2020 will be used primarily for the repair and rehabilitation of key roads across the 6-geopolitical zones of the country.

All the terms of the Sukuk Bond 2020 offers can be viewed HERE.

How to Subscribe to Sukuk in Nigeria?

Simply download the Sukuk Bond 2020 form HERE and get assistance from your bank’s relationship manager.

Instructions for Applicants of the Sukuk Scheme

  1. Applications must be made only on the official form as prescribed by the FGN Roads Sukuk Company 1 PLC. 
  2. Applications must be for a minimum of N10,000.00 and thereafter, in multiples of N1,000.00. The value of the Sukuk applied for should be entered in the appropriate box.
  3. The Application Form, when completed, should be lodged with the Financial Advisers. Applications must be accompanied by full payment for the amount applied for, which must be paid to the Issuing House at the time of submission. Payment may be in any form acceptable to the Issuing House. 
  4. Applicants should note that No Charges or Fees would be paid by investors. 
  5. For the purpose of this application, residency classification refers to the country where the Applicant(s) permanently resides as at the time of filling the Application Form, Applicant(s) must indicate his/their residency classification in the appropriate box provided. 
  6. For joint applications, information on the Applicants should be provided in the appropriate boxes. However, all correspondence will be addressed to the first-named Applicant. 
  7. An application form from a group of individuals should be made in the names of those individuals with no mention of the names of the group. 
  8. An application by a firm, which is not registered under the Companies and Allied Matters Act, 2004 should be made either in the name of the proprietor or in the names of the individual partners. In neither case should the name of the firm be mentioned. 
  9. An application from a corporation must bear the corporate body’s seal and be signed in accordance with the company’s signature mandate by duly authorized officials. A corporate stamp may be used where the corporate seal is not available. 
  10. An application from a pension or provident fund must be in line with the guidelines of the National Pension Commission with regard to the custody of the pension assets. 
  11. An application by an illiterate person should bear his right thumbprint on the Subscription Form and be witnessed by an official of the Financial Adviser or Bank at which the application is lodged, who must first have explained the meaning and effect of the application to the illiterate person in his own language. The witness should indicate his name and signature in the appropriate box. 
  12. The applicant should not print his signature. If he is unable to sign in the normal manner he should be treated for the purpose of this offer as an illiterate and his right thumb should be clearly impressed on the Subscription Form.
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