Economy
Africa Finance Corporation Issues $150m Maiden Sukuk
By Dipo Olowookere
Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has issued its maiden Sukuk, the highest-rated Sukuk issuance from an African institution.
Following high levels of investor interest, the initial target of $100 million was more than twice oversubscribed, resulting in the transaction being upsized to $150 million and a final order book of approximately $230 million.
In addition to being the first Sukuk transaction of 2017, it is also the first Sukuk to be issued by an African supranational entity.
The Sukuk is AFC’s second foray into Islamic finance; the corporation accepted a $50 million 15 year line of financing from the Islamic Development Bank (IDB) in 2015 to finance Islamic Finance-compliant projects located across the numerous African IDB member countries.
The privately placed 100 percent Murabaha Sukuk, which has been awarded an A3 senior unsecured rating by Moody’s Investors Service, has a three year tenor and will mature on 24 January 2020. Emirates NBD Capital, MUFG and RMB acted as Joint Bookrunners and Joint Lead Managers with Emirates NBD Capital also acting as the Sole Global Coordinator.
Andrew Alli, President and CEO of AFC, commented on the announcement: “The core values of Islamic finance, the need to invest ethically in assets that have a tangible positive social impact, made a Sukuk issuance a natural choice for us. We offer global investors the chance to be involved in high-impact infrastructure projects that not only promote social and economic development across Africa but also generate economic returns for our investors.
“This Sukuk represents a milestone in our financing activities, a milestone that will enable us to further diversify our funding sources, to build new relationships with key investors in international markets and help us diversify our portfolio of projects to continue delivering real impact across the continent.”
Ahmed Al Qassim, CEO of Emirates NBD Capital, added: “Emirates NBD Capital is delighted to have supported the inaugural $150 million 3 year Sukuk issuance. The successful completion of the transaction is a testament to AFC’s standing with the international investor community and AFC’s commitment to develop new sources of funding.
“As the Sole Global Coordinator for the Sukuk, Emirates NBD Capital continues to lead the development of international Sukuk as a product and providing our clients with unique solutions to meet their funding requirements.”
AFC has a diverse funding base, with a range of funding from sources across different markets. Last year the corporation issued its debut Swiss Franc denominated long three-year bond, raising CHF 100 million, and accepted a $150 million 15 year loan facility from KfW Development Bank. In 2015 AFC’s inaugural 144A/Reg S, $750 million 5-year international bond was more than six times oversubscribed at over $4.7 billion, attracting institutional investors from across Asia, Europe, Middle East and the United States.
The corporation will celebrate its 10th anniversary in 2017 at the AFC Live Summit, which will bring together many of the top international players in African infrastructure investment for high level discussions on the industry’s many challenges, and potential solutions.
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has stressed that Nigeria was now consolidating its macroeconomic reforms to sustain economic stability in an increasingly volatile global environment.
The Minister spoke at a high-level panel on Fiscal Policy in a Shock – Prone World at the ongoing Al Ula conference for Emerging Market Economies in Riyadh, Saudi Arabia.
“Nigeria’s macroeconomic and fiscal reforms are working. Momentum must be maintained, and the benefits channelled towards long-term growth and resilience,” he stated.
He said the government is also leveraging digital tools to improve revenue assurance, while deepening fiscal and monetary coordination and promoting realistic budgeting practices to ensure durable fiscal discipline.
He noted that despite accounting for a significant share of global growth, population and natural resources, emerging economies remain under-represented in global financial decision-making.
Mr Edun also highlighted the growing strategic importance of Gulf nations in the evolving global economic landscape.
He said countries in the Gulf are increasingly shaping global trade routes, investment flows and sources of capital, making them critical partners for emerging economies such as Nigeria.
The finance minister stressed Nigeria’s commitment to building stronger partnerships that promote a more inclusive and equitable global financial system.
He said Nigeria was positioning itself to engage constructively with global partners to support reforms that unlock growth, stability and shared prosperity.
Mr Edun’s call comes amid mounting global economic pressures. Many emerging economies are grappling with high debt levels, elevated inflation, volatile capital flows and tightening global financial conditions.
Rising interest rates in advanced economies have increased debt-servicing costs, while currency volatility has strained fiscal and external balances across Africa and other developing regions.
Global trade is also facing increased fragmentation due to geopolitical tensions, supply chain disruptions and protectionist tendencies.
These trends have disproportionately affected emerging markets that depend heavily on trade, foreign investment and access to international finance.
For Nigeria, the push for a global economic reset aligns with ongoing domestic reforms aimed at stabilising the macroeconomic environment.
The country has embarked on exchange rate reforms, fiscal consolidation and efforts to attract long-term investment to support growth and job creation.
Mr Edun has repeatedly argued that without reforms to the global financial system, domestic policy efforts in emerging economies risk being undermined by external shocks.
At the Al Ula conference, he reiterated that a more balanced global system would enhance resilience, improve access to finance and support sustainable development.
He said Nigeria would continue to engage in global policy conversations to ensure that emerging economies are not only rule-takers but active shapers of the new global economic order.
By Aduragbemi Omiyale
The N230 billion 10-year bond issued to investors by the Lagos State government has been listed on the Nigerian Exchange (NGX) Limited.
It was the Series 4 of the state government’s N1 trillion Debt and Hybrid Instruments Issuance Programme, which was sold at a coupon rate of 16.25 per cent.
It was offered for sale to bondholders in November 2025, with Chapel Hill Denham Advisory Limited as the leading issuing house and bookrunner.
The joint issuing houses and bookrunners were Asset & Resources Management Limited, Capital Bancorp Plc, Cardinal Stone Partners Limited, Cedrus Capital Limited, Comercio Partners Capital Limited, Cordros Advisory Services Limited, Coronation Merchant Bank Limited, Dynamic Portfolio Limited, FCMB Capital Markets Limited, FCSL Asset Management Company Limited, FirstCap Limited, G.A. Capital Limited, LeadCapital Plc, Light House Capital Limited, Phoenix Global Capital Markets Limited, Quantum Zenith Capital and Investments Limited, Radix Capital Partners Limited, SFS Financial Services Limited, Stanbic IBTC Capital Limited, United Capital Plc, and, Vetiva Advisory Services Limited.
The debt instruments are callable at par after 60 months, on any coupon payment date, subject to the issuer having obtained prior regulatory approvals and upon issuance of the requisite notice to bondholders.
Business Post reports that the bond was sold at a unit price of N1,000, with the interest to be paid to investors on every May 20 and November 20 until maturity.
According to the Governor of Lagos State, Mr Babajide Sanwo-Olu, proceeds from the exercise would be used for critical infrastructure in transportation, housing, the environment, healthcare, education, urban renewal, and the provision of other sustainable infrastructure that would serve the future needs of the state.
The listing of the debt instrument on the stock exchange today, Monday, February 9, 2026, allows investors to trade the bond at the secondary market.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced plans to hold its 304th Monetary Policy Committee (MPC) meeting on Monday, February 23 and Tuesday, February 24, 2026.
This information was disclosed in a circular published on the apex bank’s official website on Monday. This will be the first meeting of 2026.
The gathering comes amid sustained efforts by the CBN to rein in inflation, stabilise the foreign exchange market, and strengthen macroeconomic conditions.
At its last MPC meeting in November 2025, the central bank retained the Monetary Policy Rate (MPR) at 27 per cent, maintaining its restrictive posture in a bid to curb inflationary pressures and stabilise the foreign exchange (FX) market.
The MPC is one of the bank’s highest policy-making bodies, responsible for formulating monetary and credit policies aimed at ensuring price stability.
Through key instruments such as the MPR, Cash Reserve Ratio (CRR), and Liquidity Ratio (LR), the committee guides interest rate conditions and overall monetary direction in the economy.
Comprising the CBN Governor, Deputy Governors, Board members, and appointed external members, the committee meets periodically to review critical economic indicators, including inflation, gross domestic product, and exchange rate developments, before taking policy decisions.
The apex bank outlined the timetable and venue in its official notice.
“The 304th meeting of the Monetary Policy Committee (MPC) is scheduled to hold as follows,” the CBN said.
“Day 1: Monday, February 23, 2026 – Time: 10.00 a.m.”
“Day 2: Tuesday, February 24, 2026 – Time: 8.00 a.m.”
According to the circular, the meeting will take place at the MPC Meeting Room on the 11th floor of the CBN Head Office in Abuja.
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