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.
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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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Health
Adamawa Health Officials Report 20 Deaths from Suspected Diphtheria Cases
Adamawa Health Officials Report 20 Deaths from Suspected Diphtheria Cases
Parents and caregivers are advised to seek early medical help and update childhood vaccinations as response teams expand outreach.
Health authorities in Adamawa State are responding to a diphtheria outbreak that has caused 20 deaths across 13 local government areas. Speaking on Wednesday, State Epidemiologist Jones Steven Kadabiyu confirmed that health workers have recorded 126 suspected cases throughout the state, with six patients currently receiving medical care in local hospitals.
Diphtheria is a serious bacterial illness that spreads through airborne droplets from coughing or close personal contact. It mainly affects the throat and airway, causing sore throats, mild fevers, swollen neck glands, and difficulty swallowing or breathing.
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Health officials emphasized that the biggest risk to patients has been waiting too long to visit a health center, as some families try informal remedies at home first before seeking professional medical attention.
The state government is working alongside health partners to track new cases, provide specialized antibiotics and treatments, and protect medical workers and family members.
Officials stressed that while diphtheria can affect people of any age, young children are the most vulnerable to serious complications. Parents and guardians are strongly encouraged to ensure their children are up to date on their routine vaccines and to visit the nearest clinic immediately if anyone develops throat swelling or breathing issues.
Adamawa Health Officials Report 20 Deaths from Suspected Diphtheria Cases
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News
Blue Line Rail, Hospitals Get Boost as Lagos Approves ₦200bn Bond and Budget Reordering
Blue Line Rail, Hospitals Get Boost as Lagos Approves ₦200bn Bond and Budget Reordering
Following Governor Sanwo-Olu’s request, the state legislature approves expanded capital financing for the final months of the fiscal year.
The Lagos State House of Assembly has approved changes to the state’s 2026 spending plan to speed up work on key community infrastructure, including public transit lines, general hospitals, and flood prevention systems.
The decision came after Governor Babajide Sanwo-Olu requested a review of the budget to make sure government funds are directed where they are needed most during the rest of the year.
To support these priority projects, lawmakers agreed to raise the state’s infrastructure bond from ₦150 billion to ₦200 billion. Budget committee chairman Lukmon Olumoh explained that this financial adjustment will help contractors finish essential public facilities faster.
The revised funds will help extend the Blue Line train service between Mile 2 and Trade Fair Station, complete the new Massey Street Children’s Hospital, and finish the 280-bed General Hospital in Ojo.
The amended plan also sets aside funds for fixing potholes on neighborhood roads, clearing drainage channels to prevent flooding, and buying new service vehicles for sanitation and traffic teams.
Lawmakers emphasized that legislative committees will closely monitor how these funds are spent to ensure projects are delivered on schedule and within clear standards. Speaker Mudashiru Obasa confirmed that the approved bill has been sent to the governor to be officially signed into law.
Blue Line Rail, Hospitals Get Boost as Lagos Approves ₦200bn Bond and Budget Reordering
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News
Keep Politics Out of My Office — Ogbomoso Grand Chief Imam Warns Politicians, Bloggers
Keep Politics Out of My Office — Ogbomoso Grand Chief Imam Warns Politicians, Bloggers
The Office of the Grand Chief Imam of Ogbomosoland has drawn a battle line against the alleged politicisation of the revered Islamic institution, warning politicians, bloggers and social media commentators to stop using the Imam’s name, image or perceived position to promote partisan interests.
The office, in a strongly worded statement issued on Tuesday, September 15, 2026, declared that the Grand Chief Imam was neither a political actor nor available to any politician, political party or interest group seeking endorsement, mobilisation or political leverage.

Grand Chief Imam of Ogbomosoland Toliat Yunus Ayilara
The warning, signed by the Secretary of the Office of the Grand Chief Imam, Sulaimon Ogunleye, came amid what the office described as “recent attempts” by certain media organisations, internet bloggers, political actors and their associates to drag the revered office into partisan political activities.
The office said the Grand Chief Imam occupied a spiritual position above political affiliations and was a father to the entire community, irrespective of party, ideology or individual political preference.
It stressed that his primary responsibility was to provide spiritual guidance, counsel, prayers and moral leadership to the Ummah and society.
Consequently, the office declared that its position on partisan politics remained “uncompromisingly neutral.”
‘Nobody should drag Imam into politics’
In a stern message to politicians and their associates, the office warned against attributing political endorsements or directives to the Grand Chief Imam.
It maintained that while individual members of the community remained free to support whichever candidate they preferred, such personal choices must not be presented as the position of the Grand Chief Imam.
The office also urged citizens to approach the forthcoming elections as responsible voters by scrutinising candidates, interrogating their records and promises, demanding accountability and making their choices freely at the polls.
“Every citizen has the right to support and vote for the candidate of his or her choice; however, no individual or political interest has the right to attribute such political choices to the Grand Chief Imam or his Office,” it stated.
‘Stop using Imam’s image, statements for political purposes’
The office subsequently issued a direct cease-and-desist warning to media organisations, bloggers, political actors, social media commentators and other individuals.
They were warned against using the Grand Chief Imam’s name, image, statements or perceived position for political purposes.
The office also condemned the alleged publication and circulation of fabricated statements, photographs, videos and other materials capable of creating what it described as a false impression that the Imam or his office had endorsed a candidate or political party.
It further warned against exploiting the revered office for political influence, leverage or personal clout.
“For the avoidance of doubt, no political endorsement should be attributed to the Grand Chief Imam,” the statement declared.
Defamation: Imam’s office threatens fresh legal action
The office took the warning a step further, declaring that the latest statement should not be interpreted as a mere expression of displeasure.
According to the statement, the office had, a few weeks earlier, issued another warning over alleged defamatory publications by certain bloggers.
It claimed that following the earlier intervention, legal proceedings were instituted and several persons were currently facing prosecution before the courts.
Against that background, the office described Tuesday’s warning as a “final and unequivocal” notice.
It warned that anyone or any organisation that knowingly publishes, circulates or disseminates what the office considers false, defamatory or malicious material concerning the Grand Chief Imam or his office would face civil and criminal proceedings without further notice.
The office also vowed to identify and preserve evidence against alleged offenders, report them to relevant authorities and pursue prosecution, including individuals operating anonymously or through digital platforms.
‘Don’t turn Ogbomoso’s religious institutions into political battlegrounds’
The Grand Chief Imam also appealed for calm and unity among the people of Ogbomosoland as political activities intensify ahead of the forthcoming elections.
The office warned that political differences must not be allowed to tear the community apart or turn sacred institutions into instruments of partisan competition.
“The people are free to choose their leaders,” the statement declared.
However, it stressed that the Office of the Grand Chief Imam would remain above partisan politics.
The public was therefore urged to disregard any purported political endorsement, statement or directive attributed to the Grand Chief Imam unless officially issued by the appropriate office.
The office reaffirmed its commitment to peace, justice, responsible citizenship and the spiritual and social wellbeing of the people of Ogbomosoland, while praying for Allah’s continued guidance and ease in the affairs of the community.
Keep Politics Out of My Office — Ogbomoso Grand Chief Imam Warns Politicians, Bloggers
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