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FG launches N300bn Sukuk for road projects

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Sukuk-funded road project in Nigeria

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.

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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.

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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

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Oyo Muslim Leaders Receive Saudi Delegation, Intensify Drive for Muslim College of Nursing

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Oyo Muslim Leaders Receive Saudi Delegation, Intensify Drive for Muslim College of Nursing

 

OYO, August 1, 2026 – Muslim leaders in Oyo Kingdom on Saturday received a high-powered delegation from the Kingdom of Saudi Arabia in a visit that underscored growing collaboration in education, healthcare and Islamic development, with renewed commitment towards the establishment of a Muslim College of Nursing in Oyo.

 

The delegation was accorded a warm reception at a gathering attended by prominent Islamic scholars and community leaders from Oyo Land.

 

Among the dignitaries present were the Grand Chief Imam of Oyo Land, Fadhilatu Shaykh Imam Bilaal Husayn Akinola Akeugberu; Ash-Shaykh Sulayman Akhyar, who served as the special guest; Ash-Shaykh Mainasaro, the Ameerul Muslimeen; the Aare Musulumi of Oyo Land, Alhaji Adebayo Kamarise; the Chairman of the Muslim Community of Oyo Land; Khalifa Hasbunallah Al-Oyowiyy; and several other religious leaders and stakeholders.

 

The gathering focused on mobilising support for the proposed Muslim College of Nursing, an initiative aimed at expanding access to quality healthcare education while promoting excellence in professional training within the Muslim community.

 

In his welcome address, the Grand Chief Imam of Oyo Land, Shaykh Bilaal Husayn Akinola Akeugberu, expressed appreciation to the Saudi delegation and other distinguished guests for identifying with the vision of establishing the institution. He described the proposed college as a strategic investment in human capital development that would benefit not only Muslims but the wider society.

 

Also present at the event were the Muslim Ummah of Oyo Land and Fadhilatu Shaykh Dr. Rofeeu Adisa Ballo, who joined other leaders in reaffirming their commitment to ensuring the successful establishment and growth of the proposed college.

 

Speakers at the event stressed the importance of strengthening educational and healthcare institutions capable of producing highly skilled professionals while nurturing moral and ethical values rooted in Islamic teachings.

 

Special prayers were offered for the success of the proposed institution, with participants praying that Almighty Allah bless the sponsors, donors, scholars and all individuals contributing to the realisation of the project.

 

The visit also featured discussions on strengthening the longstanding relationship between the Muslim community in Oyo Kingdom and the Kingdom of Saudi Arabia. Participants emphasised the need for sustained cooperation in religious, educational and humanitarian programmes aimed at advancing the welfare of the Muslim Ummah.

 

In a symbolic gesture that drew commendation from attendees, the Grand Chief Imam granted approval for the head of the Saudi delegation to lead the Jumu’ah prayer at the Oyo Central Mosque, Akesan.

 

The honour, according to participants, reflected the spirit of Islamic brotherhood, mutual respect and unity among Muslims across national boundaries.

 

Addressing the gathering, the Chief Imam reiterated that Islam encourages peace, dialogue and cooperation among believers, urging Muslim communities around the world to work together in promoting justice, harmony and understanding.

 

He said such partnerships remain essential to addressing contemporary challenges through education, religious enlightenment and community development.

 

Responding on behalf of the delegation, its leader expressed gratitude to the Chief Imam, traditional Muslim leadership and the people of Oyo for the warm reception accorded the visitors.

 

He described the opportunity to lead the Jumu’ah prayer as a great honour and reaffirmed Saudi Arabia’s commitment to strengthening religious cooperation and supporting initiatives that promote peace, unity, education and mutual understanding among Muslims.

 

The delegation noted that collaborations centred on education and healthcare development would contribute significantly to the growth of Muslim communities and the overall advancement of society.

 

The event concluded with prayers for enduring peace, stability and prosperity in Nigeria, Saudi Arabia and the global Muslim Ummah.

 

Participants described the visit as a landmark engagement that not only reinforced the bonds of brotherhood between Oyo Muslims and their Saudi counterparts but also provided renewed momentum for the actualisation of the Muslim College of Nursing, which they said would serve generations of students and healthcare professionals.

 

Oyo Muslim Leaders Receive Saudi Delegation, Intensify Drive for Muslim College of Nursing

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CJN orders lawyers to stop using ‘Barrister’ before their names

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Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun

CJN orders lawyers to stop using ‘Barrister’ before their names

The Chief Justice of Nigeria (CJN), Justice Kudirat Kekere-Ekun, has directed lawyers, court officials and other personnel to stop using the title “Barrister” as a prefix to their names in official dealings connected with the Supreme Court of Nigeria.

The directive was contained in a memorandum dated July 13, 2026, signed by the Chief Registrar of the Supreme Court, Kabir Akanbi, and addressed to litigation staff, legal practitioners, court registrars and lawyers.

According to the circular, the use of “Barrister” before a person’s name is considered inappropriate and inconsistent with the professional standards expected within Nigeria’s apex court.

The directive takes immediate effect and applies to official correspondence, court records, documents, identity materials and other formal engagements involving the Supreme Court.

The memorandum stated:

“I am directed by the Honourable the Chief Justice of Nigeria to notify all Litigation Staff, Legal Practitioners, Court Registrars, and Lawyers that the use of the title ‘Barrister’ as a prefix to names is inappropriate and inconsistent with the standards of professionalism expected within the Supreme Court of Nigeria.”

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The circular directed all affected persons to immediately stop using the title in official materials and communications.

It added:

“Consequently, all officers concerned are hereby directed to discontinue the use of the title ‘Barrister’ before their names in all official correspondence, records, documents, identity materials, and any other official engagements with immediate effect.”

To ensure compliance, heads of departments and unit heads were instructed to monitor officers under their supervision and ensure that the directive is fully implemented.

The memorandum stated:

“Heads of Departments and Unit Heads are requested to ensure strict compliance with this directive by all officers under their supervision. Please be guided accordingly.”

The directive is specifically focused on official dealings within the Supreme Court. Based on the wording of the memorandum, it does not amount to a nationwide ban on the use of “Barrister” by lawyers in private, social or non-Supreme Court settings.

The move is expected to generate discussion within Nigeria’s legal community, where the title “Barrister” is commonly used before the names of legal practitioners.

Supporters of the directive may view it as an effort to promote professional uniformity and align official communication with established legal and institutional standards.

The development also follows recent efforts by legal authorities to protect the integrity and professional standards of the legal profession.

The Council of Legal Education (CLE) recently warned aspiring lawyers against wearing wigs and gowns or presenting themselves as qualified legal practitioners before they are formally called to the Nigerian Bar.

The council maintained that legal regalia and professional representation are regulated and should be reserved for persons who have completed the required process and have been formally admitted to practise law.

The warning was aimed at preventing the misuse of legal titles and professional symbols and preserving the dignity of the legal profession.

The latest Supreme Court directive is expected to affect how lawyers and court personnel present their names in official documents and communications involving the apex court.

Affected individuals may now be required to use their names without the “Barrister” prefix in Supreme Court correspondence, records, identity materials and other official engagements.

CJN orders lawyers to stop using ‘Barrister’ before their names

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FG to phase out electricity subsidy from 2027 as power sector debts rise

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FG to phase out electricity subsidy from 2027 as power sector debts rise

FG to phase out electricity subsidy from 2027 as power sector debts rise

The Federal Government has announced plans to gradually phase out electricity subsidies from 2027 as part of efforts to address rising debts in the power sector, improve financial sustainability and strengthen electricity supply across the country.

Minister of Power Joseph Tegbe disclosed the plan during a media interactive session on Friday, saying the government would introduce the changes gradually while ensuring that Nigerians continue to have access to electricity.

Tegbe said the Federal Government had received a mandate from President Bola Tinubu to clear outstanding debts in the electricity industry and establish a sustainable system that would prevent the accumulation of new obligations.

“We have the mandate of Mr President to clear the legacy debt and come up with sustainable structures to make sure this doesn’t pile up any more,” the minister said.

He expressed confidence that the government would bring an end to the current electricity subsidy arrangement in 2027 while working to improve the quality and reliability of power supply.

“I promise you, next year, by God’s grace, we will put a stop to this so-called subsidy in the power sector,” Tegbe said.

The minister assured consumers that the planned reforms would not result in a loss of access to electricity services.

According to him, the government’s objective is to reduce the financial burden created by the subsidy system while improving the performance of the electricity sector.

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“Mr President, we will not deprive Nigeria of anything. We’ll make sure Nigerian consumers continue to have power and improve power services,” he added.

Tegbe also stated that there was no immediate plan to increase electricity tariffs, despite concerns that the proposed phase-out of subsidies could lead to higher electricity bills.

However, the minister did not provide details on the timetable for the subsidy withdrawal, the categories of consumers that may be affected or the measures that would be introduced to protect low-income and vulnerable households.

The planned reform comes amid growing concerns over the financial challenges facing Nigeria’s electricity industry.

The Federal Government previously estimated the cost of electricity subsidies at about ₦3 trillion as of February 2024, while power generation companies, known as GenCos, have continued to report significant unpaid obligations.

The Association of Power Generation Companies has said electricity generation companies are owed about ₦6.5 trillion, raising concerns about the financial health of the sector and its ability to sustain electricity generation.

The outstanding debts include unpaid invoices and other obligations linked to electricity supplied to the national grid.

To address the problem, President Tinubu recently approved a ₦4 trillion power sector debt reduction programme aimed at settling verified legacy debts and improving liquidity across the electricity value chain.

The programme is expected to support the payment of outstanding obligations owed to power generation companies and other participants in the sector.

In January 2026, the Federal Government issued an inaugural ₦501 billion bond under the Presidential Power Sector Debt Reduction Programme.

The bond was designed to help settle verified debts owed to electricity generation companies and support efforts to stabilise the sector.

On July 20, the government announced a second tranche of about ₦729 billion to settle additional verified debts owed to power generation companies.

The debt-settlement programme is expected to reduce financial pressure on electricity producers and improve their capacity to maintain operations, pay gas suppliers and invest in power infrastructure.

The proposed subsidy phase-out also aligns with recommendations by the International Monetary Fund (IMF), which has encouraged Nigeria to gradually reduce broad electricity subsidies and adopt more targeted support for households that need assistance.

Supporters of the reform argue that reducing subsidies could improve the financial viability of the electricity market, attract private investment and help power companies maintain and expand infrastructure.

However, consumer groups and businesses have raised concerns that higher electricity costs could increase financial pressure on households and raise operating expenses for companies.

The impact of the proposed reform may depend on the government’s ability to improve electricity supply, expand access to prepaid meters, reduce estimated billing and ensure that consumers receive better services.

Earlier this year, President Tinubu also directed ministries, departments and agencies to apply existing electricity laws in determining how subsidy costs should be shared among the federal, state and local governments in the 2026 budget.

The move is expected to support a more coordinated approach to electricity financing following reforms that expanded the role of state governments in electricity generation, transmission and distribution.

As the 2027 target approaches, the Federal Government is expected to provide more details on the implementation framework, consumer protection measures and the steps that will be taken to prevent the reforms from causing undue hardship.

The government will also face growing pressure to ensure that improvements in electricity generation, transmission and distribution accompany the gradual withdrawal of subsidies.

For many consumers, the success of the policy may ultimately be measured by whether it delivers more reliable electricity, fair billing, improved customer service and better value for money.

FG to phase out electricity subsidy from 2027 as power sector debts rise

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