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DMO invites Nigerians to buy N250bn Sukuk, but link to application form doesn’t  work



1min read

THE Debt Management Office (DMO) on Thursday offered investors a N250 billion Sovereign Sukuk instrument for subscription at N1,000 per unit, but the link to the application form does not work. 

When The ICIR visited the website on Thursday between the hours of 9:30 pm – 11: 20 pm, the link on the DMO website for investors to purchase the application form was inaccessible.

Investors were not able to click on the application form, because it re-routes them to a press release on their website.

At the time of filing this report, the DMO has not issued any statement to explain to investors why the link to its investment offer on its website was non-functional.

When The ICIR reached out to the DMO via phone contacts for enquiries listed on its website, both phone lines were switched off.

Several reports have shown that most Nigerian public institutions have technology capacity gaps, despite the high number of Nigerian inter users.

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The Digital 2019 report shows that Nigeria has 98.39 million internet users, which is an improvement of 3.8 per cent growth when compared to 2018.

According to a 2021 report by PricewaterhouseCoopers (PwC), 34 per cent of businesses in Nigeria consider their digital capabilities a priority, while 66 per cent do not show sufficient interest in their digital capabilities.

Since the establishment of the initiative in September 2017, Nigeria had issued three Sovereign Sukuk in 2017, 2018 and 2020.

According to DMO, the Sukuk instrument is to be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited.

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