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.
Have you ever noticed a poster that seemed to move, not actually, but emotionally? Perhaps its colors seemed to pulse or the composition changed with your eyes. That’s the magic of visual rhythm, when static design seems cinematic, living, and breathing.
-
Directional flow: Diagonal or curved lines imply movement.
-
Circular composition: Reeks of energy captured during spin.
-
Gradient play: Gradual color transitions mimic emotional movement.
Emotional pacing: imparting stillness with a heartbeat
-
Blending light and dark areas to replicate pulses of energy and serenity.
-
Employing color temperature changes — to cool, warm — to convey mood shift.
-
Creating layered depth, so that observers feel air and space even on a two-dimensional surface.
Creating a poster that feels cinematic
-
Thoughtful framing — all that leads the viewer in one emotional direction.
-
Atmospheric lighting — the shadows are as full of feeling as highlights.
-
Anticipation — the feeling that the next frame is about to be cut in.
When silence speaks louder
-
One feather drifting across black space can feel like time standing still.
-
A whispery ripple over calm water evokes emotional tension.
-
A texture dissolving into nothing feels like wind blowing through light.
Bringing identity to logos
Giving your poster life with Dreamina
Step 1: Write a text prompt
Step 2: Adjust parameters and generate
Step 3: Customize and download
Editing: the art of breathing room
The final exhale
By Adedapo Adesanya
The Federal Competition and Consumer Protection Commission (FCCPC) on Thursday sealed the premises of the Ikeja Electric Distribution Company (IKEDC) in the Alausa area of Lagos for alleged violation of consumer rights.
Leading FCCPC official to carry out to closure, the Director of Surveillance and Investigation, Mr Bola Adeyinka, said the move was in line with the Federal Competition and Consumer Protection Act (FCCPA) 2018 after repeated attempts to resolve the matter.
“Sealing this facility is a proportionate enforcement measure taken only after repeated engagement and several opportunities for voluntary compliance,” Mr Adeyinka said in a statement.
“The seal will remain in place until Ikeja Electric complies fully with the directives issued by both NERC and the FCCPC and provides written evidence of that compliance,” he added.
According to the FCCPC, the Nigerian Electricity Regulatory Commission (NERC) issued a binding decision directing Ikeja Electric to unbundle a Maximum Demand account into 20 non-Maximum Demand accounts, to recognise each of the 19 residential units and a service point owned by the complainant as separate customer units, and to provide the required metering and connection.
“Ikeja Electric did not carry out that decision,” the statement read in part. “Because of this failure, the complainant has been without electricity supply for more than two and a half years.
“This was despite paying all charges requested by Ikeja Electric and meeting every obligation. The lack of electricity has prevented the complainant from putting the 19 residential units to use.”
It said the move followed unsuccessful attempts to resolve the issues through warnings and dialogue.
FCCPC listed one of such attempts to include a directive to the company in April 2025 on the steps required and the timelines for compliance.
However, “No action was taken. On 2nd October 2025, the Commission issued a Compliance Notice requiring full compliance within seven business days.
“The company still did not comply,” the commission explained.
As of press time, Ikeja Electric, which supplies electricity to several areas in Lagos, has not yet commented on the matter.
By Aduragbemi Omiyale
The Chief Digital Officer of MTN Nigeria, Ms A’isha Umar Mumuni, has said though Africa has immense cultural capital and talent, the lack of infrastructure, ownership, and platform control prevent creators from benefiting fully.
However, she highlighted some steps that can be taken by the governments, investors, and stakeholders to change the narrative.
Ms Mumuni, while speaking at the Nigerian Entertainment Conference (NECLive) 2025 in Lagos, themed, Powering Africa Through Creative Enterprise, “Africa has the cultural capital, the skills, and the talent. What we do not yet have is global access at scale, and that is the gap we must close. Africa’s talent cannot be ignored.
“Africa is a cultural paradise without global access or control. Africa needs global cultural influence, but we do not control global data, we do not own the platform, and we export to other countries without a consistent home platform. We explore creativity, but we import the system without profiting from it.”
The MTN executive explained that unlocking Africa’s access to global digital assets requires transforming local customs, people, and platforms to ensure creativity can flourish and generate sustainable revenue.
She noted that African content, whether in music, film, fashion, or digital media, must be positioned strategically to compete and succeed on the global stage.
Emphasising the need for Africa to invest in technology and digital skills to drive the creative economy, she said, “Africa has the youngest population on earth, which is a leverage. We must invest in AI, coding, digital skills, and content production. Creativity without a platform cannot sail.”
Ms Mumuni noted that broadband policies, digital copyright protections, and clear monetisation opportunities are critical for African creators to earn from their content and reach global audiences.
She warned Africans that without investment and strategic planning, African innovation risks remaining local, while foreign platforms reap the benefits, urging African creators to ensure their stories are shared globally while retaining cultural identity.
“The world expects good stories. Africa’s stories are rooted in culture, resilience, and spirituality.
“To unlock Africa’s access to global digital assets, we must transform investment, policy, and perception,” she said.
-
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
-
Banking7 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