The Federal Government has decided to use the ₦100 billion Sovereign Sukuk bonds proceeds to construct 642.69 kilometres of roads across in Nigeria. The cheque for the money was presented by the Finance minister, Zainab Ahmed, to Mr Babatunde Fashola, Minister of Power, Works and Housing on Thursday in Abuja. Fashola said that the money […]
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The Federal Government received over N132 billion subscriptions from 2,073 investors for its N100 billion 7-year 15.74 per cent Sukuk offer, the Debt Management Office (DMO) has said. The DMO, in a statement in Abuja on Saturday, announced the result and added that the bond would be due in 2025. It said that the high […]
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Director-General, Debt Management Office, DMO, Ms. Patience Oniha, yesterday, indicated that the second tranche of ₦100 billion Sukuk bond would be floated before end of 2018. Sukuk or Islamic bond is a financial instrument structured to generate returns to ethical investors without infringing on the Islamic law, which forbids interest payments on loans. Oniha told […]
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A report on the real estate sector has highlighted asset-backed bonds and sukuk, among others, as suitable sources of funds for housing delivery in Nigeria. The report, which was launched by the University of Lagos Centre for Housing and Sustainable Development in partnership with the African Research Universities Alliance, stated that real estate investment trust […]
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The African Export-Import Bank (Afreximbank) has raised around $260 million via three sharia-compliant facilities to support the Small and Medium-scale Enterprises in the region, as African markets gradually open to Islamic finance. The Cairo-based Afreximbank, which was founded by African governments and other investors in 1993 and focuses on trade finance, obtained a $100 million […]
Read More Managing Director, Jaiz Bank Plc, Mr Hassan Usman, has advised the Federal Government to devise a regular Sukuk issuance programme to secure much-needed capital to boost infrastructural development and end the menace of abandoned projects. The Federal Government recently successfully floated its first sovereign Sukuk bond, raising ₦105 billion, ₦5 billion over-subscription on the initial […]
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Nigeria Federal Government, today, in Abuja released ₦100 billion to road contractors to facilitate the construction and rehabilitation of 25 priority road projects across the six geopolitical zones. The Federal Government raised the funds through the issuance of Sukuk bonds. Sukuk bonds are Islamic bonds, structured in such a way as to generate returns to […]
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A bond, according to Nairametrics is a fixed income debt instrument issued by the government (federal or state government) or corporate institutions with a definite date of maturity and a fixed interest payment (known as coupon) payable either semi-annually or annually. The government usually issue bonds at the primary market to raise domestic funds to […]
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The Islamic sukuk bond recently issued by the Federal Government was oversubscribed by more than ₦5 billion, the Debt Management Office said on Tuesday. The ₦100 billion seven-year sukuk offered by the Federal Government, which closed on Friday, attracted a subscription of ₦105,878,320,000, according to a statement issued in Abuja by the DMO. According to […]
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The Nigeria’s Federal Government has said that there is no plan to Islamise the country with the recent issuance of its ₦100 billion Sukuk bond. The Minister of Finance, Mrs. Kemi Adeosun, said this on the sidelines of an investor conference organised by Stanbic IBTC Bank in Lagos. Offer for subscription for the Sukuk bond […]
Read More Nigeria’s Christian Association (CAN) has opposed the floating of the Sukuk Islamic bond by the Federal Government, alleging it is meant to Islamise the country through the back door. CAN, in a statement on Tuesday in Abuja by its General Secretary, Rev. Musa Asake, demanded the abrogation of the laws and framework behind the bond […]
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