GTB 737 banner Yudala banner

N100bn Sukuk: Stakeholders hail FG for financial inclusion

By News Express on 13/09/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 343


Financial investors across the country have commended the federal government over the N100 billion Sukuk, non-interest, unveiled by the Debt Management Office (DMO), in a nationwide roadshow.

Ms. Patience Oniha, Director General of the DMO alongside officials of the Federal Ministry of Power, Works and Housing told stakeholders in Lagos, Port Harcourt and Abuja that the debut N100 billion is dedicated to building critical road infrastructure in the country.                   

The debut Sovereign Sukuk is an ethical based investment in which rent is based on the investment bi-annually and the principal sum paid at the end of the seven year tenor.

Oniha at the various stops on the roadshow assured potential investors that the Sukuk is backed by the full faith of the federal government and was one of the avenues at which it intends to raise funds for capital projects.

“This is one of several efforts to raise funds for specific projects and this is backed by the full faith of the Federal Government. This is a rental product to cater for segment of our society that requires such services.”

The Assistant Director, Planning and Development, of the Federal Ministry of Power, Works and Housing, Mr. Danlele Yila, listed 25 road projects spread across the six geo-political zones of the country which the N100 billion Sukuk capital will be used.

Some of the projects include the Loko Oweto Bridge, dualization of a section of the Abuja-Lokoja road, dualization of the Suleja-Minna road as well as the Kano-Maiduguri road.

Others include dualization of the Kkano-Katsina road (Ohase 1), rehabilitation of the Onitsha – Enugu Expressway, and the Enugu-Port Harcourt road (section 1-3), dualization of the Ibadan-Ilorin road (section 2).

Tunde Adama of Citibank, one of the placement agents, who spoke to our correspondent after the first session, expressed optimism on the Sukuk.

“This is a new product which means new opportunities, new investment. I am confident that it would do well same with other financial instruments such as the FGN Bond, Savings bond and the others the DMO has always put on offer.”

The president of Federation of Muslim Women in Nigeria, Rivers State Chapter, Hajia Maimuna Bello, described the offer as a bold initiative to cater for a critical segment of the country, but urged the DMO to deepen its awareness drive.

In Abuja, a former executive director of the NNPC, Ibrahim Waziri, who welcomed the development expressed the hope that the raised funds will be deployed to the listed projects, stressing that as an ethical financial instrument, investors are optimistic of timely rental returns.

Benefits of investing in the Sukuk, according the DMO include; safety, regular income which are tax free and liquidity as they will be listed and traded on The Nigerian Stock Exchange and the FMDQ OTC Securities Exchange Plc.

The product is also useful as collateral to access loans from banks.

The debut Sovereign Sukuk is for N100 billion with a tenor of Seven (7) years, and has been certified as ethically compliant by the Financial Regulation Advisory Council of Experts of the Central Bank of Nigeria.

It will be listed and traded on The Nigerian Stock Exchange and the FMDQ OTC Securities Exchange Plc, with offer for subscription slated for September 14.

•Photo shows, from left; Mas’ud Balogun, Company Secretary, Lotus Capital Financial Services Ltd; Dr Bashir Aliyu Umar, Secretary, Financial Regulation Advisory Council of Experts ,CBN; Aisha Dankani, CEO, Fabs Group; Ms. Patience Oniha, Director-General, Debt Management Office (DMO); Engr. Danlele Yila, Assistant Director, Planning and Development, Federal Ministry of Power, works and Housing; Prof Binta Tujjani Jibril, Director, International Institute of Islamic Banking and Finance, Bayero state University kano; Ruqaya Nasir-Usman, Head, Abuja Business office Coverage & Corporate Banking FBN Merchant Bank Ltd; and Farida Tahir, MD/CEO Grassroots Microfinance Bank Kano, during the SUKUK pre-offer Road Show with Investors by the DMO in Kano State on the 12th  of Sept 2017.

Source News Express

Posted 13/09/2017 12:36:23 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
8,000 security men for Lagos bye-election

2015: IGP draws battle-line with trouble makers

Adebanjo defends Afenifere's endorsement of Jonathan

Mastercard partners Mobile Money Africa to host CashlessAfrica...

Faleke vows to appeal dismissal of suit by...

Police confirm arrest of suspects in Adamawa attack...

Boko Haram insurgency soon to end —Defence Headquarters...

Names of the 82 Chibok girls released on...

Haba! Even Uche Nwosu, Okorocha’s son-in-law, for Governor?...

Boko Haram challenges Army, threatens to attack Chibok...

Ishaku swears in 20 commissioners

IGP orders trial of Falae’s abductors

 

Latest News Soccer star bags 9 years jail term for alleged gang-rape 40 human traffickers nabbed Enugu budgets N1.5b for rehabilitation of 14 roads BLACK FRIDAY: Yudala records unprecedented spike in online traffic NIPC inaugurates centre with software to boost investments Mass housing: Lagos to allocate ready estates to first-time homeowners NSE turnover volume improves by 55.11% Buhari demands improved efforts against piracy, human trafficking •Emerges Chairman of Gulf of Guinea Commission Osun Govt. orders clampdown on tax defaulting federal MDAs Senate names members of committee to probe EFCC, DSS clash Our call on Deltans, investors yielding results — Okowa DSS, a clog in the fight against corruption, says CDHR

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (295,851 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (279,460 views) Shameless Genevieve Nnaji exposes breasts in public (225,943 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (190,107 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (181,556 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (166,634 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (144,514 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (130,817 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (127,644 views) Lagos plane crash: Journalist releases victims’ names (116,737 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (113,994 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (108,502 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (31) Business (2,781) Business Verdict (26) Columnists (771) Complaints & Requests (93) Enterprise & Opportunities (187) Entertainment (408) Features (510) Global Business Monitor (192) International (1,654) Interviews (138) Live Commentary (28) Love Matters (84) News (30,483) Opinion (838) Pidgin (9) Politics (4,125) Religion (649) Sports (1,357) Stock Watch (24) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

Argentina vs Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!