DMO Raises N615.557bn Sukuk Funds In 4 Years

The Debt Management Office (DMO) has raised N615.557 billion through Sukuk for the rehabilitation and construction of new roads across the country in four years.

The director-general of DMO, Ms. Patience Oniha, made this known in her presentation entitled: ‘Nigeria Public Debt, Some Considerations’, at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2022 conference in Lagos.

Sukuk is an Islamic financial certificate that complies with Islamic religious law commonly known as Sharia. Corporations or governments invest capital raised in accordance with Sharia.

Oniha said N615.557 billion had been raised through Sukuk from September 2017 to December 2021, with N365.557 billion deployed to the construction of 1,881km of roads and six bridges.

She stated that the last Sukuk issued in December 2021 targets 71 road projects.

According to Oniha, some of Sukuk-funded projects are the reconstruction of Bida-Lambata road in Niger State, rehabilitation of Lagos-Ota-Abeokuta road in Lagos and Ogun states and rehabilitation of Enugu-Port Harcourt road section III Enugu-Lokpanta, in Enugu State.

Others are the rehabilitation and reconstruction of Enugu-Port Harcourt dual carriageway section II (Umuahia-Aba in Abia State) and rehabilitation of Kano-Katsina road Phase I, Kano State, among others.”

She also said a total of N25.69 billion had been raised through sovereign green bonds from December 2017 to June 2019.

The DMO director-general said the funds had been deployed to seven selected projects in various sectors, including renewable energy, agriculture, water, transport and afforestation.

Speaking on the purpose for borrowing, Oniha said governments borrow to finance budget deficits, finance specific projects and refinance maturing debt obligations.

Tinubu Appoints Chioma Awuzie Substantive Rector, Fed Poly Oko

President Bola Ahmed Tinubu has approved the appointment of Dr. Chioma Irene Awuzie as the substantive Rector of Federal Polytechnic, Oko, Anambra State. Dr. Awuzie's appointment, which takes effect immediately for a five-year term, follows the recommendation of the Polytechnic's Governing Council, chaired by Sen. Dr. Barnabas Gemade, after a transparent and competitive selection process where she emerged as the leading candidate. Prior to her appointment, Awuzie, who holds a Doctorate Degree in Physical and Materials Chemistry, was a distinguished Chief Lecturer in the Department of Science Laboratory Technology (Chemistry Option) and also Director in-charge of Tertiary Education Trust Fund (TETFund) Projects in the Polytechnic. Under her stewardship, Federal Polytechnic, Oko, witnessed unprecedented advancements in infrastructure and institutional transformation. Her leadership facilitated monumental developments across the Polytechnic’s campuses in Oko, ...

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

Tension In Uruagu Nnewi As Community Leaders Dare Soludo,Defy Court Order

The President of Uruagu-Nnewi Development Union, Chief Sunday Okoli aka Organizer, and the Obi of Uruagu-Nnewi community in Nnewi North local government area of Anambra State, His Majesty Afamefuna Charles Obi, have swept Soludo's directive to the gutters, by reason of their suspension and subsequent dessolution of the leadership of the community's youth forum, led by Ejike Ifejiofor, and subsequent appointment of caretaker executive to pilot the affairs of youths in the community. The Anambra governor had, through a letter dated August 9, 2024, signed by the Permanent Secretary, Anambra State Ministry of Youth Development, Dr. Martin Agbili, warned the community leaders to stay any action regarding suspension of the Uruagu-Nnewi youth forum. The community had, through its PG, Chief Okoli, written to the Ministry of Youths Development, notifying the ministry of "immediate suspension" of the youth group over alleged insecurity in the area. But the ministry,...

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