Economy
Rules Governing Sukuk Listing Take Effect After SEC Approval
By Dipo Olowookere
The Nigerian Stock Exchange (NSE) last Wednesday disclosed that the rules governing the listing of Sukuk and similar securities have been approved by the Securities and Exchange Commission (SEC).
A notice released by the stock exchange to the investing public revealed that the rules were approved by SEC on March 17, 2016 and would take effect from Monday, July 23, 2018.
Business Post reports that the draft rules were considered by the Rules and Adjudication Committee of Council (RAC) on October 21, 2014, and approved for exposure to stakeholders for comments from October 29 to November 12, 2014.
Thereafter, the RAC considered the draft rules and stakeholders’ comments at its meeting of February 17, 2015, and approved the draft rules for submission to the National Council of the Exchange (Council).
It was further gathered that at its meeting of February 26, 2015, the council approved the draft rules for submission to SEC on March 5, 2015.
According to the approved listing rules obtained by Business Post, SEC said an issuer of sukuk must submit its listing application through a stockbroker after first appointing a Shari’ah adviser recognized or registered with the apex capital market regulator.
Such adviser, SEC explained will carry out primary responsibilities like ensuring that the applicable Shari’ah principles and any relevant resolutions and rulings endorsed are complied with; applying ijtihad (reasoning) to ensure all aspects relating to Sukuk issuance are in compliance with Shari’ah principles amongst others.
It was further stated that the NSE has discretion to admit and list the Sukuk on its platform and may even approve or reject the applications for listing, as it deems fit.
Furthermore, the NSE “may approve applications for listing and quotation of Sukuk or debt securities unconditionally or subject to such conditions, as it deems fit.”
SEC also disclosed in the rules that an Issuer shall, at least one month before the maturity date, announce the maturity date of each issuance of Sukuk or debt securities.
It stated that, “An issuer, which is a foreign corporation, shall announce to the NSE concurrently all information required to be publicly disclosed to its domestic regulatory authorities and other stock exchanges, if applicable.”
The management of SEC also said “an issuer shall announce its half year unaudited or audited financial statements on a consolidated basis within 30 days of the quarter or half year of the issuer’s financial year, and the statements shall state whether there is any abnormal circumstance that has affected or will affect the business and financial position of the issuer.”
“An issuer and its guarantor shall announce to the NSE their respective annual audited financial statements, together with the auditors’ and directors’ reports within three months of their respective financial years.
“In addition to the circumstances set out in the Listings Rules of the NSE, the exchange may at any time de-list an issuer from the Official List in any of the following circumstances: (a) upon the occurrence of any of the events which the Trustee has declared would render the Sukuk or debt securities to be immediately due and repayable pursuant to the Trust Deed; (b) upon the maturity or expiration of the Sukuk or debt securities; (c) upon full redemption of the Sukuk or debt securities; or (d) any other circumstances which in the opinion of the NSE, do not warrant the continued listing of the Sukuk or debt securities.”
According to the rules, Sukuk refers to investment certificates or notes of equal value which evidences undivided interest/ownership of tangible assets, usufructs (the right to enjoy a thing, property of which is invested in another) and services or investment in the assets of particular projects or special investment activity using Shari’ah principles and concepts approved by SEC.
By Adedapo Adesanya
The chief executive of HBM Nigeria Plc (formerly Lafarge Africa), Mr Lolu Alade-Akinyemi, said the cement producer is expected to add 4.5 million tonnes to its production capacity by January 2027.
HBM Nigeria Plc is positioning itself for stronger long-term competitiveness, market leadership and job creation as it accelerates expansion projects.
The transition to HBM Nigeria marks a new phase of growth, driven by operational excellence, sustainability, innovation, and infrastructure development, while maintaining its long-standing commitment to Nigeria’s construction sector.
Mr Alade-Akinyemi, speaking recently in Lagos, said the ongoing expansion of the company’s Ashaka and Sagamu plants would significantly boost local production, create employment opportunities, and support businesses across its value chain.
“We recently announced the expansion of the Sagamu plant in Ogun State and the Ashaka plant in Gombe State. Hopefully, in January 2027, we will commission both plants, adding 4.5 million tonnes to our capacity. Traditionally, building a new plant takes about three years, but this is one of the benefits of belonging to the Huaxin Group,” he said.
According to him, the projects will generate employment, create opportunities for young people and women, strengthen local suppliers and contractors, and contribute further to Nigeria’s economic growth.
“There are many vacancies we are trying to fill in Sagamu and Ashaka. Beyond direct employment, we are creating opportunities for small businesses, developing suppliers and supporting local contractors. This is an exciting period because it will deliver significant benefits to Nigeria,” he said.
Mr Alade-Akinyemi noted that while the company’s corporate identity had changed following its acquisition by Huaxin Building Materials Group, its core values and commitment to customers, host communities, employees and shareholders remain unchanged.
He said HBM Nigeria traces its roots to 1959 as West African Portland Cement Company (WAPCO), with its first cement plant commencing operations in Ewekoro, Ogun State, in 1961.
Since then, he said, the company has grown into one of Nigeria’s leading building solutions providers with integrated plants in Ewekoro, Sagamu, Ashaka and Mfamosing.
He added that the company, which became publicly listed in 1979, has continued to expand through acquisitions and transformation while maintaining high product quality, innovation and responsible operations.
Highlighting the strengths of its parent company, Alade-Akinyemi described Huaxin Building Materials as a globally recognised building materials manufacturer founded in 1907 and headquartered in Wuhan, China, with operations across 16 regions in China and 14 countries worldwide.
He said Huaxin’s engineering expertise and focus on research and development would strengthen HBM Nigeria’s operations and help close engineering skills gaps in the country.
“As HBM Nigeria, we are strategically positioned for long-term competitiveness and stronger market leadership while reinforcing our commitment to supporting Nigeria’s infrastructure development and economic progress after more than six decades of industry leadership,” he said.
He also said sustainability would remain central to the company’s operations, noting that it had introduced lower-carbon products and continued to invest in environmentally friendly production processes.
By Adedapo Adesanya
The Federation Account Allocation Committee (FAAC) distributed about N2.550 trillion from the revenue generated by the nation in June 2026 to the three tiers of government after its July meeting in Abuja.
A statement signed by the Director of Press in the Office of the Accountant General of the Federation, Mr Bawa Mokwa, “The N2.550 trillion total distributable revenue comprised N1.809 trillion in distributable statutory revenue and N740.724 billion in distributable Value Added Tax (VAT) revenue.”
It was gathered that a total gross revenue of N4.500 trillion was available in June 2026, with deductions for the cost of collection amounting to N160.744 billion, and transfers and refunds at N1.789 trillion.
According to a communiqué after the gathering, gross statutory revenue of N3.700 trillion was received in June 2026, N1.049 trillion higher than the N2.651 trillion received in the preceding month, while gross revenue of N799.746 billion was generated from VAT, N56.058 billion higher than the N743.688 billion recorded in May 2026.
It was stated that from the N2.550 trillion total distributable revenue, the federal government received N923.438 billion, the state governments got N838.208 billion, while the local government councils were given N591.390 billion, with N197.610 billion allocated to the benefiting states as 13 per cent of mineral derivation revenue.
From the N1.809 trillion distributable statutory revenue, the federal government went away with N849.366 billion, states shared N430.810 billion, local councils took N332.136 billion, while the benefiting states got N197.610 billion as derivation revenue.
From the N740.724 billion distributable VAT earnings, the central government got N74.072 billion, the states received N407.398 billion, and the local government councils were allocated N259.253 billion.
The communiqué further stated that in June 2026, collections from Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT), Petroleum Royalties, Gas Flare Penalties, Rent, Mineral Oil Royalties (MOR), Value Added Tax (VAT), Import Duty, and Common External Tariff (CET) Levies increased significantly, while Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Mineral Royalties, and Fees declined considerably. Excise Duty recorded only a marginal increase.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) says the rollout of electronic invoicing (e-invoicing) will strengthen tax compliance, curb revenue leakages and improve transparency in tax administration as it moves to fully digitise the country’s tax system.
The Project Lead for the NRS e-Invoicing Project, Mr Mohammed Bawa, stated this at the DigiTax E-Invoicing Compliance Breakfast Session held in Lagos on Wednesday.
The event, organised by DigiTax, an NRS-accredited e-invoicing platform, formed part of efforts to support the agency’s ongoing education and sensitisation campaign on the e-invoicing mandate.
Mr Bawa said the initiative aligns with global trends in tax digitisation and is expected to help improve Nigeria’s tax-to-GDP ratio, which remains one of the lowest in Africa.
According to him, the system will provide the NRS with greater visibility into transactions across sectors, formalise activities within the informal economy and standardise invoice formats nationwide using globally recognised invoice schemas.
He added that e-invoicing would improve operational efficiency for both businesses and tax authorities while supporting the NRS’ transition from manual and electronic tax administration processes to a fully automated system-to-system interaction model.
Mr Bawa noted that the legal framework for implementation is backed by the Nigeria Tax Administration Act, which prescribes penalties for non-compliance.
He disclosed that the NRS has completed onboarding large taxpayers and is preparing to enforce compliance with defaulting entities.
According to him, medium taxpayers are expected to begin compliance in the third quarter of 2026, while onboarding of emerging taxpayers will commence in 2027, with full adoption targeted for all taxpayers by the end of 2028.
Mr Bawa urged taxpayers yet to be onboarded onto the platform to begin the process and work with accredited service providers to ensure compliance.
On his part, Country Director of DigiTax Nigeria, Mr Olumide Akinsola, urged businesses to look beyond their internal systems and assess the compliance status of suppliers and counterparties.
He warned that businesses whose suppliers fail to transmit invoices through the MBS platform risk losing eligibility to claim Value Added Tax (VAT) input credits on such transactions, describing the resulting supply chain exposure as a significant commercial risk that many organisations have yet to quantify.
Mr Akinsola also announced the launch of DigiTax’s white paper, The State of E-Invoicing Readiness in Nigeria, which examines compliance adoption trends and the readiness gap across different taxpayer segments.
He added that DigiTax operates in Nigeria, Kenya, Zambia and the United Arab Emirates (UAE), noting that experience from those markets shows businesses that integrate early are better positioned to avoid disruptions when enforcement begins.
