metro
FG raises N1.1tn in 6 Sukuk bonds for 124 road projects
FG raises N1.1tn in 6 Sukuk bonds for 124 road projects
The Federal Government has raised N1.1 trillion ($657.6 million) through the issuance of six Sukuk bonds, aimed at financing 124 critical road projects, covering 5,820 kilometers and spread across the six geopolitical zones.
The Director General of the Securities and Exchange Commission, Dr. Emomotimi Agama, disclosed this yesterday at the ongoing 2nd International Islamic Capital Market Conference in Karachi, Pakistan.
According to a statement from the Commission, the DG said the success rate makes the Islamic Capital Market (ICM) stand out as a resilient and innovative tool for mobilising resources.
Agama described the issuance of sovereign Sukuk since 2017 as a key pillar responsible for the growth of the ICM in Nigeria, adding that these issuances have consistently been oversubscribed, with subscription rates reaching as high as 441 per cent.
He disclosed that sub-national and corporate Sukuk issuances are also growing in Nigeria, with notable examples like Osun and Lagos states, Family Homes Ltd and TAJ Bank Plc, along with private Sukuk issuances by three other sub-nationals.
The DG said these instruments have been instrumental in funding school infrastructure, housing, and, for the first time in Nigeria, tier 1 capital for a bank, underscoring the versatility of Sukuk as a financing tool.
“Beyond Sukuk, the ICM segment in Nigeria offers diverse investment opportunities. From one registered fund in 2008, the segment currently boasts 14 registered Halal mutual funds with a net asset value exceeding N105 billion as of November 2024. The NGX Lotus Islamic Index tracks 11 Shariah-compliant equities, while Nigeria’s first Islamic Real Estate Investment Trust – ChapelHill N-REIT – highlights the potential of real estate investments.
READ ALSO:
- Afe Babalola wants Farotimi barred from law practice
- Lagos woman bags 17-year jail for N57.6m fraud
- Ibori’s daughter defends defection from PDP to APC as career-saving
“The prospects for Nigeria’s Islamic finance industry are underpinned by key growth drivers, both global and domestic. Globally, demographic trends, economic diversification efforts in oil-dependent economies, and regulatory support have spurred demand for Shariah-compliant products.
“Locally, Nigeria’s large Muslim population, government-backed Sukuk initiatives, and growing investor awareness are driving market expansion. Emerging innovations in fintech also present further opportunities for market development. In that regard, the SEC registered the first Robo advisory firm in the Nigerian Capital Market in 2022. This Robo Advisor is focused on Shari’ah-compliant investments.
Agama said the success of the ICM in Nigeria is deeply rooted in its strategic focus on infrastructure financing, financial inclusion, and sustainability as the SEC’s engagement with the ICM dates back to 2004, when the SEC joined the Islamic Finance Task Force of the International Organization of Securities Commissions (IOSCO).
The SEC Boss said this commitment was followed by the issuance of Islamic fund and Sukuk Rules in 2010 and 2013, respectively, and later solidified in the Non-Interest Capital Market Master Plan (2015–2025), which outlines a 10-year roadmap for expanding the market’s depth and diversity.
According to him, “Adopted in 2015 as part of the broader Nigerian Capital Market Master Plan (2015–2025), the Non-Interest Capital Market Master Plan (NICMMP) has been central to the development of the ICM segment in Nigeria.
The document sets out a vision for the Islamic Capital Market – otherwise known as the Non-Interest Capital Market (NICM) in Nigeria – to contribute 25 per cent of total market capitalization by 2025, with Sukuk accounting for 15 per cent.
“The masterplan was further reviewed in 2021, to provide a renewed focus on deepening the ICM, through targeting 50 listings of Sharia-compliant products with a market capitalization of at least N5 trillion ($11 billion) by 2025.
READ ALSO:
- NITDA flags TikTok, X over non-compliance with tax filing in Nigeria
- WAFU B U17 Girls Cup: Nigeria shows no mercy, wallop Niger Republic 9-0
- US man found wandering near Damascus after months in Syrian prison
“The performance of the NICM Masterplan has been remarkable. Of the 15 initiatives outlined in the roadmap, nine had been fully implemented as of 2022, representing a 70 per cent success rate. Key achievements include improved public awareness, increased retail participation in Sukuk, and the introduction of the Non-Interest Pension Fund (Fund VI) through collaboration with the National Pension Commission (PenCom). Another key achievement was the release of guidelines for taxation of Non-Interest transactions, in collaboration with the FIRS. This solved the challenge of double taxation hindering such transactions.”
The SEC DG, however, said the growth of the ICM segment within a decade and a half has come with some challenges, including limited public awareness of Islamic finance principles, paucity of tradable instruments, and regulatory alignment across institutions. He said, “Capacity-building efforts, particularly in Shariah governance and compliance, remain critical to sustaining growth. These, of course, are critical areas the SEC is currently implementing strategies to address, with relevant stakeholders, particularly in the public and private sectors, providing targeted and effective solutions.
“Of particular interest is our ongoing effort to engage relevant stakeholders in the mortgage sector to develop Shariah-compliant housing finance solutions. This will create the needed impetus for developing Shariah-compliant asset-backed instruments to deepen our capital market further.”
As the world looks into the future, Agama stated that the opportunities are endless as Islamic finance is solving some practical challenges and needs of the Nigerian economy, such as critical infrastructure deficit, financial exclusion, low mortgage penetration, and disinterest in commercial financing opportunities due to faith-based and/or ethical concerns.
He said the increased level of activity in the Nigerian market and established benchmarks for corporates and sub-nationals portends huge benefits for ethical investors and foreign capital seeking viable and sustainable investment outlets.
“As regulators and policymakers continue to refine and expand the regulatory space, product developers are continuing to innovate and offer a variety of instruments seeking off-takers.
“This is the time to stake positions that will no doubt produce competitive returns and satisfy ethical and sustainability concerns. The table is set for investing. Foreign participants should take positions and increase stakes in tandem with domestic trends. This offers a significant opportunity to contribute to sustainable economic growth and financial inclusion in Nigeria and, by extension, the African continent,” he added.
FG raises N1.1tn in 6 Sukuk bonds for 124 road projects
metro
Yuletide: Travellers want fare discount for road trips
Yuletide: Travellers want fare discount for road trips
- Bemoan high fares
Passengers travelling to their country homes for the Christmas and new year day celebrations have urged the Federal Government to extend the free rail services announced early in the week to road transport routes across the country.
Some of the travellers who complained about the high fares called on the Federal Government to restore the 50 percent fare reduction on inter-state luxury bus routes granted to road passengers at this time last year.
The passengers who spoke at various terminals and loading stations of long distance road transport companies in Lagos, were reacting to the upsurge in fares to about N40,000 on luxury buses and N65,000 on mini buses going to the South-East.
Reports from some of the boarding stations revealed that upon hearing the announcement of free train ride, some passengers thronged the loading stations at various points in Lagos to benefit from the gesture, but were disappointed when they were informed that the offer did not cover road transport.
At Terminal 1 in Oshodi, Alafia, Jibowu, Mazamaza, and private stations in the Cele/Ejigbo axis, on Saturday, passengers bemoaned the high cost of travelling on both the big and small buses, disclosing that many people were not travelling because they couldn’t afford “the exorbitant fares the transport firms are collecting.”
Interestingly, a trip on board Toyota Sienna which used to attract slightly higher fare than on a typical mini bus, is the same at N40,500.
One of the passengers told our reporter one if the stations in Cele, “You press people should please tell (President Bola) Tinubu that poor masses cannot afford to go home this Christmas because there is no money in the country.
“(President) Tinubu should please repeat the 50 percent discount on long distance fares which some of us enjoyed last year to travel home.”
At the nearby Young Young Shall Grow station, a passenger who planned to travel to the east recalled how he took advantage of the 50 percent fare discount to travel from Abuja to Onitsha and back in 2023, and wondered why the Federal Government has not considered the re-introduction of the palliative this festive season.
According to the man who gave his name as Chinedu Uzoechina, his intention to travel to Anambra state and back with his wife and five children, has been stalled by the high transport fares being charged at the various terminals.
Uzoechina, who came to book for seats in advance, lamented, “I was hoping that the 50 percent fare discount that followed the increase in fuel pump price would be available this year, but that has not been the case this year. Forty thousand into seven is N280,000 for one-way luxury tickets.
“If you add the cost of coming back, it means I will spend nothing less than N560,000 on transportation alone for seven of us. Where will I get that kind of money? I have called my wife to inform her of the situation here (at the terminals in Cele).
“She is not happy that we are not travelling anymore, but what can I do?”
According to him, the only thing that can make his family travel again is if the Federal Government extends the free train ride offer to long distance road transport routes, like Lagos-east, or reduces the fares in collaboration with the operators.
Like Uzoechina, many other intending travellers were still hopeful that the government wiuld still intervene with a fare discount, even as they disclosed that they would either cancel the trips outrightly or reduce the number of tickets to be bought, if their hopes are dashed.It was learnt that the fares were slightly lower by about N2,000 at Terminal 1 where both big and mini buses have been loading for day and night trips at Oshodi.
Reacting to the passengers’ complaints about high fares at the terminal owned by the Lagos State Government, Damian Ezuma, the manager of Izu Chukwu Transport, blamed the situation on the rising cost of maintaining the buses as well as on the pump price of diesel, which he said, is as high as N2,000 a litre in some parts of the country.
“It is not our fault. The cost of maintenance is so high that it is only by the grace of God that some of transport companies still manage to keep their buses on the road these days. Do you know that one big bus tyre costs between N250,000 and N500,000, depending on the quality and brand?” Ezuma argued.
He confirmed that many intending travellers who heard about the free train services offer by the Federal Government have been coming to the terminal make enquiries on whether long distance-plying buses are part of the gesture and whether last season’s fare discount applies this year.
Many of them leave the terminal disappointed and deciding not to travel anymore, but opting instead to wait for a possible fare palliative from the government.
Also commenting on the reason for the high fares, a manager at Chisco Transport’s head office in Lagos explained that the unfavourable naira-dollar exchange rate has impacted on the prices of replacement parts and maintenance costs generally.
But a major factor is the fact that during the peak festive season, buses are usually full when leaving major cities like Lagos and Abuja, but are almost empty in their return journeys.
So some operators slightly adjust their fares upward to cover the losses incurred during return trips.
In 2023, the special fare discount by government through the luxury bus owners took effect on December 21, and lasted till the second week of January, 2024.
metro
Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
The Nigerian Navy Ship (NNS) BEECROFT has successfully apprehended 19 individuals attempting to stow away on Europe-bound vessels.
In a statement issued on Saturday in Lagos, the ship’s Information Officer, Lt. Hussaini Ibrahim, disclosed that 15 stowaways were intercepted on Dec. 19 aboard the European-bound Moto Tanker (MT) KRITI RUBY. Another four were caught on Dec. 21 aboard MT MCC YANBU.
“Preliminary investigation revealed that the stowaways boarded the vessels at night and concealed themselves in the rudder compartment while attempting to illegally migrate to Europe,” Ibrahim stated.
The Navy’s Quick Response Team (QRT), operating from ATLAS COVE and using the Falcon Eye Alignment under the Nigerian Navy Maritime Domain Awareness Facility, facilitated the interception of the 15 individuals near the Lagos fairway buoy.
READ ALSO:
- Troops arrest four Ambazonian rebels in Taraba
- NIMC warns against extortion, reaffirms free NIN enrollment
- NNPC denies claim of Port Harcourt refinery shutdown
Ibrahim further explained that credible intelligence led to the interception of the additional four stowaways by Navy personnel deployed on escort duties aboard the vessel.
“The prompt response of the QRT saved the stowaways from exposure to life-threatening situations during the long voyage,” he added.
The first group of 15 individuals has been handed over to the Nigeria Immigration Service, Lagos State Port/Marine Command, Apapa, for further investigation and necessary action. The remaining four suspects will also be transferred in due course.
“The presence of stowaways poses serious security threats to maritime operations, including risks of smuggling, piracy, drug and human trafficking, among other maritime crimes,” Ibrahim noted.
He emphasized that under the leadership of Chief of Naval Staff Vice Adm. Emmanuel Ogalla, NNS BEECROFT will continue maintaining security along Lagos waterways and surrounding creeks to support safe maritime activities and economic growth.
Navy arrests 19 Nigerians attempting to reach Europe by hiding on ship
metro
Troops arrest four Ambazonian rebels in Taraba
Troops arrest four Ambazonian rebels in Taraba
Troops of the 6 Brigade Nigerian Army/Sector 3 of the Operation Whirl Stroke (OPWS), have arrested four suspected members of Ambazonian rebels in Taraba.
The News Agency of Nigeria (NAN) reports that Ambazonia is a rebel group operating in neighbouring Cameroon Republic.
A statement on Saturday in Jalingo by Capt. Olubodunde Oni, Acting Assistant Director Army Public Relations, said the suspects were arrested at a hotel in Takum town.
The statement said that acting on credible intelligence, the suspects were tracked and apprehended.
According to the statement, during initial interrogation, the suspects confessed to being part of the rebel group involved in arms proliferation in exchange for cocoa with their Nigerian collaborators.
It said that four mobile handsets were recovered from the suspects now in detention undergoing further investigation.
READ ALSO:
- NIMC warns against extortion, reaffirms free NIN enrollment
- NNPC denies claim of Port Harcourt refinery shutdown
- Like Ibadan, stampede claim 10 lives for Abuja Catholic church, 17 in Anambra
The statement also said that in another operation following actionable intelligence, troops deployed at Natilde community in Bantaji District of Wukari Local Government Area intercepted a truck with registration number WKR 66 BB, transporting 19 pieces of stolen pipelines belonging to the Nigerian National Petroleum Corporation Limited (NNPCL).
It said that further collaborative efforts with the Nigeria Security and Civil Defence Corps (NSCDC) in Wukari Division led to the recovery of an additional 11 pipes, bringing the total to 30.
“The recovered items have been handed over to the NSCDC Wukari Division for further investigation and necessary action.
“The 6 Brigade Nigerian Army will remain resolute in its commitment to safeguarding lives and property while ensuring the security of critical national infrastructure.
“We urge members of the public to continue providing timely and credible information to security agencies to enhance our collective efforts in maintaining peace and security,” the statement added.
Troops arrest four Ambazonian rebels in Taraba
(NAN)
-
Railway9 hours ago
Lagos Rail Mass Transit part of FG free train ride – NRC
-
metro1 day ago
Court stops customs from seizing imported rice in open market
-
metro2 days ago
FG transfers electricity market regulatory oversight in Lagos to LASERC
-
metro2 days ago
Afe Babalola: Court grants Dele Farotimi bail, barred from media interviews
-
News2 days ago
Adebayo Ogunlesi, 2 other Nigerians make Forbes 50 wealthiest Black Americans list 2024
-
metro2 days ago
Ibadan stampede: Tinubu orders probe as death toll hits 40
-
metro3 days ago
Abuja demolition: Soldiers attack FCTA officials, seize vehicles
-
metro20 hours ago
Ibadan stampede: Ooni reacts after arrest of ex-wife