General
Nigeria Funds 124 Road Projects With N1.1trn Sukuk Sales
By Adedapo Adesanya
Nigeria issued six sovereign Sukuk worth N1.1 trillion ($657.6 million) to finance 124 federal road projects covering over 5,820 kilometres across the six geopolitical zones of the country in 2024.
Sukuk, also known as Islamic bonds, are financial instruments compliant with Islamic tenets that generate returns for investors. They don’t involve interest payments, which are prohibited.
The Director General of the Securities and Exchange Commission (SEC), Mr Emomotimi Agama, while speaking at the 2nd International Islamic Capital Market Conference in Karachi, Pakistan, a few days ago, said the success rate makes the Islamic Capital Market (ICM) stand out as a resilient and innovative tool for mobilising resources in the country, where funding is needed.
Mr Agama described the issuance of sovereign Sukuk since 2017 as a key pillar responsible for the growth of the ICM in Nigeria adding that these issuances have consistently been oversubscribed, with subscription rates reaching as high as 441 per cent, adding that sub-national and corporate Sukuk issuances are also growing in Nigeria.
Notable examples include Osun and Lagos states, Family Homes Ltd, and TAJ Bank Plc, along with private Sukuk issuances by three other sub-nationals, saying that these instruments have been instrumental in funding school infrastructure, housing and a first of its kind in Nigeria, tier 1 capital for a bank and underscores the versatility of Sukuk as a financing tool.
“Beyond Sukuk, the ICM segment in Nigeria offers diverse investment opportunities. From one registered fund in 2008, the segment currently boasts of 14 registered Halal mutual funds with a net asset value exceeding ₦105 billion as of November 2024. The NGX Lotus Islamic Index tracks 11 Shariah-compliant equities, while Nigeria’s first Islamic Real Estate Investment Trust – ChapelHill N-REIT – highlights the potential of real estate investments.
“The prospects for Nigeria’s Islamic finance industry are underpinned by key growth drivers, both global and domestic. Globally, demographic trends, economic diversification efforts in oil-dependent economies, and regulatory support have spurred demand for Sharia-compliant products.
“Locally, Nigeria’s large Muslim population, government-backed Sukuk initiatives, and growing investor awareness are driving market expansion. Emerging innovations in fintech also present further opportunities for market development. In that regard, the SEC-registered the first Robo advisory firm in the Nigerian Capital Market in 2022. This Robo Advisor is focused on Shari’ah-compliant investments,” he said.
Mr Agama said the success of the ICM in Nigeria is deeply rooted in its strategic focus on infrastructure financing, financial inclusion, and sustainability as the SEC’s engagement with the ICM dates back to 2004, when the SEC joined the Islamic Finance Task Force of the International Organization of Securities Commissions (IOSCO).
The SEC boss said this commitment was followed by the issuance of Islamic fund and Sukuk Rules in 2010 and 2013, respectively and later solidified in the Non-Interest Capital Market Master Plan (2015–2025), which outlines a 10-year roadmap for expanding the market’s depth and diversity.
Adopted in 2015 as part of the broader Nigerian Capital Market Master Plan (2015–2025), the Non-Interest Capital Market Master Plan (NICMMP) has been central to the development of the ICM segment in Nigeria. ‘
The document sets out a vision for the Islamic Capital Market – otherwise known as the Non-Interest Capital Market (NICM) in Nigeria – to contribute 25 per cent of total market capitalization by 2025, with Sukuk accounting for 15 per cent.
“The masterplan was further reviewed in 2021, to provide a renewed focus on deepening the ICM, through targeting 50 listings of sharia-compliant products with market capitalisation of at least N5 trillion ($11 billion) by 2025.
“The performance of the NICM Masterplan has been remarkable. Of the 15 initiatives outlined in the roadmap, nine had been fully implemented as of 2022, representing a 70 per cent success rate. Key achievements include improved public awareness, increased retail participation in Sukuk, and the introduction of the Non-Interest Pension Fund (Fund VI) through collaboration with the National Pension Commission (PenCom).
“Another key achievement was the release of guidelines for taxation of Non-Interest transactions, in collaboration with the FIRS. This solved the challenge of double taxation hindering such transactions,” he said.
General
Waterway Accidents: FG Urges States to Ban Wooden Boats, Night Travel
By Modupe Gbadeyanka
State governments have been advised to ban the use of wooden boats for commercial water transportation to reduce waterway accidents.
This call was made by the federal government through the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.
The Minister argued that wooden boats are unstable and are highly prone to capsizing because they deteriorate quickly, unlike fibre and aluminium vessels which are more durable and safer.
His call followed incessant boat accidents in some parts of the country.
He charged the sub-nationals to adopt safer fibre-reinforced plastic and aluminium vessels to tackle the recurring and avoidable waterway accidents.
Mr Oyetola urged strict adherence to water safety regulations, warning against night travel, overloading, and the use of rickety vessels, while stressing the importance of wearing life jackets.
He disclosed that 35,000 life jackets were distributed to riverine states in 2025 and called for stronger collaboration with state governments to improve safety, noting that water transport remains critical to Nigeria’s blue economy.
General
Nigeria Records 57 Electricity-Related Accidents in Three Months
By Adedapo Adesanya
Nigeria recorded 57 recorded cases of electricity-related mishaps, according to the latest electricity sector data released by the Nigerian Electricity Regulatory Commission (NERC).
The data, which covers the third quarter of 2025 (Q3 2025), spotlighted how 33 people lost their lives and another 33 sustained various degrees of injuries in power-related accidents across the country.
According to the Q3 2025 report, a total of 57 power-related accidents were reported across the country during the period under review.
The accidents were spread across several distribution zones, with Ikeja and Kano electricity distribution areas recording the highest number of incidents during the quarter.
Both zones reported 10 accidents each. Ikeja also recorded six injuries and four deaths, while Kano posted six deaths and four injuries.
While Abuja, Jos, Aba, Port Harcourt, Enugu, and Yola recorded varying but still troubling levels of incidents, Eko, Kaduna, and the Transmission Company of Nigeria (TCN) also featured prominently. In many of these cases, accidents resulted in either severe injuries or fatalities, or both.
Unsafe acts and hazardous conditions accounted for the highest number of injuries and tied for the highest number of fatalities, while wire snaps emerged as one of the deadliest hazards, accounting for 10 fatalities and seven injuries during the quarter.
The report noted that 10 deaths and 18 injuries were attributed to unsafe practices or conditions, pointing to a mix of human error, poor safety culture, and inadequate enforcement of operational standards by licensees.
Illegal or unauthorised access to electricity installations also contributed to the casualty figures, leading to two fatalities and three injuries during the period under review.
Vandalism, while responsible for fewer casualties in the quarter, still resulted in two deaths.
The report also noted that the TCN recorded four cases of damage to property and infrastructure arising from explosions, fire outbreaks, or acts of vandalism during the quarter.
However, NERC said it initiated investigations into all reported accidents and signalled its intention to enforce appropriate actions where necessary.
The regulator said it organised periodic health and safety managers’ meetings aimed at improving safety performance across the industry, where it brings together health and safety officers from electricity companies to review incident reports, share lessons learned, and identify areas requiring urgent improvement.
During the period under consideration, the regulator disclosed that it supervised the successful conclusion of two compensation negotiations between electricity companies and families of victims, an indication of ongoing efforts to address the aftermath of such incidents.
However, the report showed that in the previous quarter (Q2), 38 fatalities were recorded, 19 persons were injured, and 60 accidents were reported.
“Relative to 2025/Q2, the number of accidents decreased from 60 to 57, the number of fatalities decreased from 38 to 33, but the number of injuries increased from 19 to 33,” the NERC report stressed.
“During the quarter, all the accidents occurred at the distribution level, i.e., neither TCN nor any of the Gencos recorded safety accidents. Although all Discos recorded casualties, the licensees with the highest number of casualties out of the total 66 recorded during the quarter are Ikeja and Kano (10), Eko and Kaduna (8), representing 15.15 per cent and 12.12 per cent of the total, respectively.
“This quarter continues the trend of the distribution sub-segment being the biggest driver of safety accidents in the sector. Discos accounted for 93.33 per cent, 100 per cent, and 100 per cent in 2024/Q4, 2025/Q1, and 2025/Q2, respectively,” the NERC report pointed out.
General
Akwa Ibom Assembly Denies Criminalising Romantic Affairs With Married Men
By Modupe Gbadeyanka
Contrary to reports making the rounds, the Akwa Ibom State House of Assembly is not considering passing a bill to make it a criminal offence for single ladies having romantic affairs with married men in the state.
On Monday, unconfirmed news went viral, purporting that a phantom Deputy Governor of Akwa Ibom State, Mrs Akon Etim, had sponsored a bill to ensure single ladies having sexual relationship with married men spend 10 years in prison, while the men pay a fine of N2 million.
It was claimed that the bill was to be passed by the state parliament, today, Tuesday, January 13, 2026.
Business Post reports that the Deputy Governor of Akwa Ibom State is Mrs Akon Eyakenyi, not Mrs Akon Etim.
Reacting to the reports, the chairman of the House Committee on Information, Mr Jerry Anson Otu, described the reports as “false.”
“The Akwa Ibom State House of Assembly wishes to categorically state that this report is entirely false and has no basis in fact. The Assembly has not received or considered any such bill, and the Deputy Governor has not sponsored it.
“We condemn this malicious attempt to tarnish the image of the Deputy Governor and the Assembly, and urge the public to disregard this fake news and any associated commentaries.
“The House remains committed to its constitutional role of law-making, and will not be swayed by mischievous attempts to undermine its integrity,” parts of the statement issued by the parliament stated.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn












