News
FG launches N300bn Sukuk for road projects
FG launches N300bn Sukuk for road projects
The federal government is seeking to raise some N300 billion through a new Sukuk issuance as part of efforts to diversify government’s funding sources and accelerate the pace of infrastructural development.
The N300 billion Sovereign Sukuk is a seven-year Sukuk due 2032; a non-interest, alternative instrument designed in a form of annual rental income. The annual rental income is 19.75 per cent. Sukuk is a non-interest, asset-backed instrument, based on the principles of Islamic finance.
The Debt Management Office (DMO), which oversees Nigeria’s government debt issuances and management, indicated yesterday that the offer would open today with a minimum subscription of N10,000. The offer closes on May 20, 2025.
The Sukuk serves the dual purposes of diversifying government’s funding for critical national infrastructural projects and also expanding the domestic investment market to meet the need of ethical investors.
The Sukuk is being offered at N1,000 per unit, subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.
The rental payment will be made half-yearly while the bullet repayment will be done on the date of maturity.
As a sovereign issuance, the Sukuk is backed by the full faith and credit of the Federal Government and it qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors. It is also classified as liquid asset by the Central Bank of Nigeria (CBN) and certified by the Financial Regulation Advisory Council of Experts of the CBN.
READ ALSO:
- NNPP attacks Ganduje over comment on one-party system
- I’m not desperate to return as Rivers gov – Fubara
- Arms worth trillions of naira in B/Haram’s hands – Rep
The N300 billion Sukuk will be listed on the Nigerian Exchange (NGX) and FMDQ Securities Exchange Limited upon completion.
Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, described the Sukuk as a high-yielding investment with predictable cashflows.
According to him, the Sukuk provides a good route for wealth accumulation and investment compounding.
“Aside from the fact that it is a gilt edge bond that is covered by the full faith and credit of the Federal Government, this particular instrument has good rate of return at nearly 20 per cent. It also provides an excellent investment outlet for ethical investors that do not what interest-based investment to put their investments in,” Amolegbe said.
Sources said the government could raise more than N300 billion, citing the historical issuance trend.
The federal government had in 2017 launched its sovereign Sukuk issuance as a strategic initiative to support the development of critical infrastructure, promote financial inclusion and deepen the domestic securities market.
Sukuk as an alternative instrument to conventional bonds and it is based on the tenets of Islam which prohibits usury or lending with interest payments. Sukuk does not indicate the existence of any debt obligation as the issuer uses the proceeds from the certificate to purchase an asset, of which the investor also receives partial ownership.
READ ALSO:
- Nigeria, others affected in UK clampdown on care workers’ visas
- 78 Nigerian girls rescued from Côte d’Ivoire traffickers return home
- West Ham bury Man United 2-0 as Amorim continues poor domestic form
Nigeria’s N150 billion third sovereign Sukuk issuance had recorded oversubscription of N519.12 billion, sustaining a trend of oversubscription that started with the maiden issuance 2017. The Federal Government had in June 2020 issued a N150 billion seven-year Ijarah Sukuk due June 2027 with approximate rental of 11.200 per cent per annum.
The Federal Government had in September 2017 floated its first sovereign Sukuk, a N100 billion seven-year issue with a rental rate of 16.47 per cent. It was oversubscribed by 5.8 per cent. Government followed in 2018 N100 billion seven-year tenored Sukuk Al Ijarah (Lease) with annual rental rate of 15.743 per cent. It was also oversubscribed.
Director General, Debt Management Office (DMO) Ms Patience Oniha, had said the government recognised the need to issue more Sukuk bonds given the increasing success and strong investor’s appetite for the alternative non-interest bonds.
According to her, the Sukuk initiative by DMO, which oversees national debt management, has been increasingly successful given the strong level of awareness that has been created.
She attributed the success of the Sukuk issuances to the increased confidence from market participants given that the Sukuk bonds are tied to specific projects that can be tracked.
“Looking ahead, we recognise the need to upscale issuances to include other standalone projects beyond road infrastructure, but more importantly, we are looking to support projects that are revenue generating to service the Sukuk,” Oniha said.
FG launches N300bn Sukuk for road projects
News
Atiku Signals Willingness to Step Down for Obi in ADC Coalition Talks
Atiku Signals Willingness to Step Down for Obi in ADC Coalition Talks
Former Vice President Atiku Abubakar has declared his willingness to step aside for Peter Obi if the latter emerges as the presidential candidate of the African Democratic Congress (ADC), in what signals a growing push for opposition unity ahead of the 2027 election.
Speaking during an interview on Arise Television’s Prime Time, Atiku said his decision would be guided by democratic principles or consensus among stakeholders, stressing that personal ambition should not override national interest.
“I will step aside for any winner,” he said, noting that “politics is either you go through democracy or consensus.”
The former presidential candidate emphasized that the process that produces a flag bearer—whether through primaries or consensus—must be credible and widely accepted. According to him, such an approach is critical to building a formidable opposition capable of challenging the ruling All Progressives Congress (APC) in Nigeria’s 2027 presidential election.
Atiku also reaffirmed that 2027 will be his final presidential bid, putting to rest speculations about his long-term political ambitions. Addressing concerns over his age, he argued that Nigeria’s problems are rooted in leadership failures rather than generational issues, insisting he possesses the experience and vision needed to govern effectively.
READ ALSO:
His comments came shortly after Dele Momodu, a chieftain of the ADC, endorsed the idea of a joint Atiku-Obi ticket as a strategic move to strengthen the opposition.
Speaking on Channels Television’s Politics Today, Momodu highlighted the duo’s previous working relationship during the 2019 election under the Peoples Democratic Party (PDP), where Obi served as Atiku’s running mate.
According to him, Obi’s strong grassroots appeal and third-place finish in the 2023 election make him a valuable political asset capable of consolidating voter support.
The ADC coalition talks have continued to gain momentum, with several opposition figures reportedly exploring the party as a platform for a united front. Analysts believe Atiku’s openness to stepping aside could reduce internal friction and pave the way for a more cohesive strategy.
However, key issues such as zoning, power-sharing arrangements, and party structure remain unresolved, and are expected to shape the final configuration of any alliance ahead of the polls.
As political alignments intensify, the evolving relationship between Atiku and Obi could prove decisive in determining the strength and direction of Nigeria’s opposition in 2027.
Atiku Signals Willingness to Step Down for Obi in ADC Coalition Talks
News
US Lawmaker Accuses Nigerian Security of Complicity in Attacks on Christian Communities
US Lawmaker Accuses Nigerian Security of Complicity in Attacks on Christian Communities
A United States lawmaker, Kimberly Daniels, has accused elements within Nigeria’s security system of alleged complicity in attacks on Christian communities, raising fresh global concerns over the country’s worsening insecurity in Nigeria.
Daniels, a member of the Florida House of Representatives and chair of the United World Congress of Diplomats, made the allegation in a report released on April 14, 2026, highlighting recent violence in Plateau State, Kaduna State, and Nasarawa State.
The report focused on attacks that reportedly occurred during Palm Sunday and Easter Sunday, describing them as part of a sustained pattern targeting religious gatherings and vulnerable communities.
According to Daniels, there is a significant gap between official statements from Nigerian authorities and the lived experiences of affected communities. She noted that while the government often condemns such attacks, many residents continue to face insecurity, raising questions about the effectiveness of current security responses.
READ ALSO:
- Hajia Sofuratu Seghosime Emerges ICAN President-Elect
- ADC Expels Nafiu Bala, Leke Abejide, Ratifies David Mark-Led Leadership
- Yul Edochie Slams ADC Leaders, Says Opposition Chieftains “Achieved Nothing” while in govt
The report included testimonies from survivors and local residents who expressed frustration over recurring violence and what they described as inadequate protection from security agencies. Some of the accounts highlighted continued loss of lives and displacement, despite repeated assurances from government officials.
Daniels also referenced past allegations involving former Zamfara State governor Bello Matawalle, raising concerns about claims of links between political actors and armed groups. While such allegations remain disputed, she warned that unresolved claims could weaken public trust in Nigeria’s security institutions.
The development adds to growing international concern over Nigeria insecurity, as the country continues to battle a complex mix of banditry, insurgency, and communal violence, particularly in northern regions.
Security analysts have repeatedly pointed to challenges such as limited intelligence coordination, inadequate manpower, and logistical constraints as factors contributing to the persistence of attacks in rural and semi-urban communities.
Daniels called for urgent reforms in Nigeria’s security architecture, including improved intelligence gathering, stronger accountability mechanisms, and better protection for vulnerable populations.
She warned that failure to address the situation decisively could embolden perpetrators and deepen the humanitarian crisis in affected regions.
As of the time of filing this report, there has been no official response from Nigerian authorities regarding the allegations. However, government officials have consistently denied claims of complicity in past incidents, maintaining that security agencies remain committed to tackling criminal activities nationwide.
The latest development underscores increasing global scrutiny of Nigeria’s security challenges as political, humanitarian, and governance concerns continue to intersect.
US Lawmaker Accuses Nigerian Security of Complicity in Attacks on Christian Communities
News
Hajia Sofuratu Seghosime Emerges ICAN President-Elect
Hajia Sofuratu Seghosime Emerges ICAN President-Elect
The emergence of Hajia Sofuratu Seghosime as the 62nd President-Elect of the Institute of Chartered Accountants of Nigeria (ICAN) has continued to draw widespread commendation across Nigeria’s financial and regulatory institutions, with stakeholders describing her elevation as a reflection of decades of professional excellence in taxation, governance, and public service.
Her election has been particularly celebrated within the Nigerian Revenue Service (formerly Federal Inland Revenue Service), where she spent a significant part of her career, rising through the ranks over 26 years to become Coordinating Director for Compliance and Enforcement.
With over 40 years of experience spanning public service and private consultancy, Seghosime’s emergence is widely seen as a natural progression for a seasoned tax administrator and financial expert whose contributions have shaped Nigeria’s fiscal and regulatory landscape.
She currently serves as the Chief Executive Officer of Quebaan Professional Services, where she leads advisory work across taxation, auditing, corporate governance, financial management, strategy, and dispute resolution, supporting both public and private sector organisations in meeting regulatory and compliance obligations.
Seghosime’s professional journey within ICAN has also been marked by steady progression. Since joining the Council of the institute in 2014, she has held several strategic roles, contributing to policy formulation, professional development, and institutional governance within Nigeria’s accounting profession.
READ ALSO:
- ADC Expels Nafiu Bala, Leke Abejide, Ratifies David Mark-Led Leadership
- Yul Edochie Slams ADC Leaders, Says Opposition Chieftains “Achieved Nothing” while in govt
- Rising Debt, Oil Shock Could Trigger Global Slowdown, IMF Warns
Beyond ICAN, she is a Fellow of the Chartered Institute of Taxation of Nigeria (CITN), a member of the Chartered Institute of Arbitrators, and an alumnus of the National Institute for Policy and Strategic Studies (NIPSS), Kuru, underscoring her multidisciplinary expertise in taxation, dispute resolution, and national policy.
Her influence also extends to key national and international platforms. She currently serves as a Commissioner on the Tax Appeal Tribunal and previously contributed to standard-setting as a member of the Nigerian Accounting Standards Board, now the Financial Reporting Council of Nigeria. She has also represented Nigeria in global tax discussions at the Organisation for Economic Co-operation and Development (OECD) and the Commonwealth Association of Tax Administrators.
Industry stakeholders say her experience in both domestic tax administration and international fiscal engagement positions her to strengthen ICAN’s role in shaping financial accountability and governance standards in Nigeria.
Reacting to her emergence, Otunba Tobi Abiola, a senior official of the Nigerian Revenue Service overseeing Ogun, Oyo, and Osun States, described her election as a victory for integrity, professionalism, and ethical leadership.
He praised Seghosime as a leader of “high wisdom” whose career reflects competence, transparency, and a deep commitment to public service, adding that her leadership is expected to drive reforms and strengthen institutional credibility within ICAN.
Abiola noted that her ability to balance tradition with innovation, coupled with her dedication to mentorship and inclusive leadership, would play a crucial role in advancing the accounting profession and fostering collaboration across sectors.
Observers within Nigeria’s financial ecosystem believe her presidency could come at a critical time when issues of tax compliance, public finance transparency, and corporate governance remain central to economic reforms and investor confidence.
Her election is also being viewed as a milestone for gender representation in leadership within Nigeria’s professional bodies, with many noting that her rise could inspire more women to pursue leadership roles in finance, accounting, and public administration.
As she prepares to assume office, expectations are high that Seghosime will leverage her extensive experience to strengthen ICAN’s regulatory influence, promote ethical standards, and support Nigeria’s broader economic and fiscal reforms.
Hajia Sofuratu Seghosime Emerges ICAN President-Elect
-
metro1 day agoTension in Osogbo as Protesters Demand Respect for Court Judgments in LG Dispute
-
metro2 days agoArise News Yet to Confirm Reported Suspension of Rufai Oseni
-
metro2 days agoFresh Boko Haram Attack Leaves Colonel, Six Soldiers Dead in Borno
-
News3 days agoFG Opens Application for Second Cohort of TVET Programme to Tackle Unemployment
-
International3 days agoTrump Claims 158 Iranian Ships Destroyed as US Enforces Naval Blockade in Gulf Region
-
International2 days agoWorld Leaders Gather in Paris Over Strait of Hormuz Crisis
-
Politics1 day agoObesere’s Wife Sekinat Adelakun-Akande Declares for 2027 Ibadan Reps Race
-
News2 days agoLafarge Convicted of Terrorism Financing by French Court in Landmark Case


