GerogeI:
SUKUK is what happens when your country stupidly elects a religious bigot, who happens to be from your neigbouring country as leader. He builds no roads, rather erects religious symbols all over the place with 0.5km asphalt. Then tries to build a railway to his real country. Hacks election to hand over to another foreigner. It’s a country for cattle, an animal farm of sorts.

DMO: Outer Marina road rehabilitation financed with Sukuk

The Debt Management Office (DMO) says the Outer Marina road rehabilitation is currently being funded with Sukuk.

A Sukuk is a sharia-compliant bond-like instruments used in Islamic finance. It involves a direct asset ownership interest, while bonds are indirect interest-bearing debt obligations.

The federal government had announced in July 2020 that 44 federal roads will be fixed with Sukuk funds raised in the bond market.

In the same month, Babatunde Fashola, minister of works and housing, received N162.557 billion Sukuk bond to facilitate the execution of major road projects across the six geo-political zones in Nigeria.

The breakdown of the Sukuk expenditure include: eight roads for north-central (N26.5 billion), eight roads for north-east (N30.5 billion), seven roads for north-west (N26.5 billion), five roads for south-east (N26 billion), six roads for south-west (N27.05 billion) and 10 roads for south-south (N26 billion).

The federal government further said N4 billion Sukuk funding was allocated to the Outer Marina road rehabilitation.

On Saturday, Fashola said the ongoing rehabilitation of the road was recording speed due to Sukuk funding.

In a tweet on Wednesday, DMO said: “DMO’s SUKUK funding is currently rehabilitating the Outer Marina Road which is a major road connecting Lagos Island to Victoria Island, Falomo and Ikoyi.

“While the Outer Marina Road is a major artery on its own, It will also be instrumental to easing the traffic in Lagos during the repair of Falomo Bridge.

“Thanks to the SUKUK, we are able to rebuild Nigeria one infrastructure at a time”.

DMO floated its first Sukuk fund for road infrastructure in 2017 with N100 billion, while the second was in 2018 with another N100 billion.

naptu2:
Impressed. They've filled the pothole at the Admiralty Way junction and you won't even know that there was a problem at that spot.


They's also taken care of most of the potholes and bumps on Five Cowrie Bridge.

However, Ahmadu Bello Way requires divine intervention.

naptu2:
It worked!

Someone called me yesterday and said that they were rehabilitating Ahmadu Bello Way and today Governor Sanwo-Olu went to that road to inspect the work that was done.

My next target is Community Road, Akoka. It has been submerged in flood waters.

naptu2:
So, they only fixed the portion of Ahmadu Bello Way that is close to Bonny Cantonment. The section that is opposite the Atlantic is even worse than it was a month ago.

naptu2:
Two things I forgot to mention above. There was a little bit of Traffic on Five Cowrie Bridge (heading into Victoria Island). That's unusual for a Saturday Afternoon. I don't know if it's because many people are using the expressway instead of the bridge.


They have finally fixed Ahmadu Bello Way! I don't mean that they have resurface it (like Bola Tinubu did), i mean that they have patched it (like Buba Marwa did), but it's a million times better than the way it was.

cenaman:
I Nigeria an Islamic country?

naptu2:
Both Nigerians and non-Nigerians can subscribe to the sukuk bonds.

joseph1832:
how?

DMO Offers N150bn Sukuk Bond For Subscription

Written by Mark Itsibor
2 months ago


The Debt Management Office (DMO) on Tuesday offered for subscription, Ijarah Sukuk valued at N150 billion.

According to a statement by the DMO, the Sukuk is issued by the Federal Government of Nigeria (FGN) Roads Sukuk Company PLC, on behalf of the federal government.

It said that the Sukuk were offered at N1,000 per unit, subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter.

“Rental payment is made half-yearly, and bullet repayment is done on the date of maturity.

“Proceeds will be used solely for the construction and rehabilitation of key road projects and bridges across the six geopolitical zones of the country,” the DMO said.

It added that the Ijarah Sukuk was backed by the full faith and credit of the federal government.

“It qualifies as securities in which trustees can invest under the Trustee Investment Act.

“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.

“To be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited, ” it said.

It added that the Ijarah Sukuk was classified as a liquid asset by the Central Bank of Nigeria (CBN) and certified by the Financial Regulation Advisory Council of Experts of the CBN.

The Sukuk is a Sharia-compliant instrument that represents the interests of the owner in an asset or pool of assets.

It ensures that every financial activity is backed by real economic activity, and is usually linked to specific infrastructure projects.

GerogeI:
SUKUK is what happens when your country stupidly elects a religious bigot, who happens to be from your neigbouring country as leader. He builds no roads, rather erects religious symbols all over the place with 0.5km asphalt. Then tries to build a railway to his real country. Hacks election to hand over to another foreigner. Its a country for cattle, an animal farm of sorts.

naptu2:


https://leadership.ng/dmo-offers-n150bn-sukuk-bond-for-subscription/

talk2hb1:
I am always amazed how some Nigerians displays their absolute Hatred and Disdain for Islam and Muslims, I am yet to understand is it out of ignorance or they are gays.

splendournoni:



If you stay North and you see their ancestors in the middle east you will hate Islam...

Religion of Blood and terrorism

naptu2:
Sukuk is basically an interest free bond. The Federal Government used the bonds as a cheaper way to finance infrastructure. Several roads were built with money from the issuance of sukuk bonds.

Those concrete structures indicate that the road was built or reconstructed with money from the issuance of sukuk bonds. For example, the stretch of road from Marina through Independence Bridge and all the way to the end of Ahmadu Bello Way on Victoria Island was reconstructed with funds from sukuk bonds.


It's cheaper for government because there's no interest to pay.

Tunechi5:
thanks brother you've explained alot ✌️