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
Court Rules FCCPC Can Sanction MTN, Airtel, Other Telcos

By Adedapo Adesanya
A Federal High Court in Lagos has ruled that the Federal Competition and Consumer Protection Commission (FCCPC) has the legal authority to regulate competition and consumer protection in all sectors, including telecommunications.
The ruling of the court on Friday, February 7, 2025, affirmed the agency’s statutory authority to regulate competition and consumer protection across all sectors, including telecommunications despite the Nigerian Communications Commission’s (NCC) role in the industry as contained in the FCCP Act of 2018.
The protection body in December threatened to sanction the telcos amid an investigation due to the poor service offerings to customers.
The court dismissed a lawsuit by an MTN shareholder, Mr Emeka Nnubia, who sought to block the FCCPC’s investigation, ruling that the agency acted within its powers in summoning MTN and requesting information, which did not violate data protection laws.
Mr Nnubia argued that the FCCPC’s inquiry could violate data protection laws and that regulatory authority over MTN resided with the NCC rather than the FCCPC.
The ruling clarifies that while the NCC regulates telecom operations, it does not have exclusive authority over competition issues, reinforcing the need for cooperation between regulators while affirming FCCPC’s primary role in competition and consumer protection enforcement.
The ruling also confirms that FCCPC acted within its statutory powers in issuing a summons to MTN Nigeria as part of its ongoing inquiry into potential anti-competitive practices.
On the issue of cost, the court acknowledged that the case raised important questions regarding the evolving landscape of competition and consumer protection law in Nigeria.
While the court recognised that costs ordinarily follow events, it declined to award costs due to the public interest significance of the case.
The court also held that entering into a Memorandum of Understanding (MoU) with sector regulators is not a condition precedent for FCCPC’s enforcement of its statutory functions. Instead, it is the obligation of sector regulators to engage with organisation to define working arrangements, not the other way round.
The development was welcomed by the FCCPC in a statement on Sunday, noting that it floored MTN at the court.
“The ruling reaffirms that FCCPC’s jurisdiction remains paramount in competition and consumer protection matters, while also recognising the role of the NCC in regulating telecommunications operations,” the statement said.
General
FG Pledges to Revive Atlantic Refinery Project

By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has expressed dismay over the abandonment of the Atlantic Refinery project in Brass Local Government Area of Bayelsa State, promising to rejuvenate it.
Mr Lokpobiri made this commitment during an inspection visit to Ewa-ama Road, which leads to the Brass Petroleum Products Terminal (BPPT), where he engaged with key community stakeholders.
He assured stakeholders that the federal government would review the project to ensure its eventual completion.
“The federal government remains committed to completing critical infrastructure projects that drive economic growth and improve livelihoods. This project will be thoroughly reviewed to ensure its eventual completion,” he pledged.
The Minister commended the people of Brass for their peaceful disposition despite the challenges posed by the refinery’s abandonment, urging them to sustain the peace.
“Stability is crucial for attracting further investments and development to the region,” he emphasised.
Reaffirming President Bola Tinubu’s commitment to delivering on key development projects, Mr Lokpobiri reiterated that the government remains dedicated to advancing initiatives that will benefit the Niger Delta.
The Minister was accompanied on the visit by Mr Farouk Ahmed, the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), as part of efforts to assess and fast-track key projects in the region.
General
Obi Urges Transparency, Accountability as 2025 Budget Swells 9%

By Adedapo Adesanya
The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has called for transparency and accountability as a result of the recent increase in the 2025 budget by 9.1 per cent to N54.2 trillion.
Mr Obi, in a message on X, the social media platform formerly known as Twitter, said while the sources of revenue were detailed, there was no corresponding breakdown of expenditures to justify the budget increase.
President Bola Tinubu on Wednesday raised the proposed budget by 9 per cent from N49.7 trillion to N54.2 trillion, citing additional revenues generated by key government agencies such as the Federal Inland Revenue Service (FIRS), the Nigeria Customs Service (NCS), and other government-owned agencies.
Mr Obi, in his message, stressed the need for Nigerians to be informed on how public funds are allocated and spent.
“For transparency and accountability sake, Nigerians need to know how the resources generated from them are being allocated to ensure that they are judiciously spent on the country’s development and the well-being of the people,” Mr Obi said.
He added that budgetary expenditures should be directed toward critical areas of development, including education, healthcare, security, and poverty alleviation, to ensure meaningful impact on citizens’ lives.
“Yesterday, I read about the increase in the Budget of Restoration to ₦54 trillion due to increased revenue.
“While the sources of this revenue were detailed, there is no corresponding breakdown of expenditures to justify the increase. For transparency and accountability sake,” part of the statement read.
He said Nigerians are still waiting for a detailed account of the execution and expenditures of the Renewed Hope budget, which was passed in December 2023, calling on the National Assembly to seize this opportunity to obtain and make public the full details of the 2024 budget of Renewed Hope budget.
He also called on lawmakers and government officials to prioritise openness and accountability to safeguard public trust as preparations begin for the 2025 Budget of Restoration.
“Transparency in this regard is crucial for ensuring accountability, learning from past budgets, and making informed decisions for the nation’s progress.
“As we work towards passing the Budget of Restoration for 2025, let us uphold openness, accountability, and the welfare of the Nigerian people. We owe it to ourselves, our children, and the future of our great nation,” he stated.
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