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
Senate Passes State Police Bill
By Aduragbemi Omiyale
The bill seeking to establish state police in Nigeria was on Wednesday, June 24, 2026, passed by the Senate during a plenary presided over by the Senate President, Mr Godswill Akpabio.
The piece of legislation was passed today after more than two-thirds of the lawmakers in the red chamber of the National Assembly voted in support via a manual voting process involving the raising of hands.
Before the passage at the plenary, the chairman of the Senate Committee on the Review of the Constitution, Mr Barau Jibrin, presented the panel’s report to his colleagues.
According to him, the bill will transform policing in the country and boost security, as it allows the sub-nationals to create their own policing system.
The bill provides for the Federal Police Service to be headed by the Inspector-General of Police, while the State Police Service will be led by a Commissioner of Police, who will be appointed by the governor of the state, subject to confirmation by the state’s House of Assembly.
To prevent the misuse of state police against political opponents or critics, ensuring that any action taken against such individuals or groups complies with due process and existing laws, the bill prohibits the Commissioner of Police of a state from arresting, detaining, investigating, or deploying force against any critic of the state governor, except in accordance with the law.
After the clauses of the bill were considered at the Committee of the Whole, the bill was passed and will be transmitted to the President for assent into law.
General
Daystar Power Expands Nestlé Solar Partnership Across West Africa
By Adedapo Adesanya
Daystar Power Group has expanded its renewable energy partnership with Nestlé in West Africa, commissioning solar power systems with a combined capacity of 6.884 megawatts across four manufacturing facilities in Côte d’Ivoire, Ghana, and Senegal.
According to a statement, the deployments bring the total installed capacity across Nestlé’s sites to 6,884 kWp, nearly 7 megawatts, making it one of the largest commercial and industrial solar partnerships in the region.
The four sites, two in Abidjan, one in Tema, and one in Dakar, are all fully operational, with each system designed around the specific grid and operational profile of its location.
“Nearly 7 megawatts across four Nestlé facilities is a number we are proud of, but what it represents matters more than the figure itself. It means that one of the world’s most demanding manufacturers has tested our model, trusted it, and come back. Our job now is to keep earning that, across every market where industry needs energy it can count on,” Mr Yischai Beinisch, CEO, Daystar Power Group said in a statement.
The partnership began with a single commissioning and expanded to span three countries and four facilities. In Côte d’Ivoire, Daystar Power has delivered 3,447 kWp across two Abidjan sites. In Ghana, a 2,547 kWp system powers Nestlé’s Tema factory. In Senegal, an 890 kWp installation operates at the Dakar facility.
The company said each system is sized and configured to deliver measurable environmental and social impact, including reduced greenhouse gas emissions and improved energy resilience. The design is tailored to the operational and grid conditions at each location, ensuring reliable, clean energy access while supporting local development and aligning with Nestlé’s publicly stated net-zero commitments.
Adding his input, Mr Samer Chedid, CEO, Nestlé Central and West Africa Region, said the investment reflects its commitment to building a business that not only grows but does so responsibly.
“By advancing solar energy projects in Ghana, Côte d’Ivoire, and Senegal, we are embedding sustainability into our growth, reinforcing our role as a force for good, creating long-term value for communities, and ensuring that our footprint actively contributes to a cleaner, more resilient future,” he said.
General
Nigeria Adopts New Security Framework to Safeguard Oil Assets
By Adedapo Adesanya
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Ministry of Defence have agreed to deepen collaboration on the protection of critical oil and gas infrastructure through a new non-kinetic security framework designed to curb threats, strengthen community relations and sustain rising output.
The initiative comes as Nigeria recorded crude oil production of nearly 1.8 million barrels per day, one of the highest production levels in recent years, amid intensified efforts to combat crude oil theft, pipeline vandalism and other security challenges across the Niger Delta.
Speaking during a courtesy visit by a delegation from the Ministry of Defence to the Commission’s headquarters in Abuja, the chief executive of NUPRC, Mrs Oritsemeyiwa Eyesan, said the country’s recent production gains were directly linked to coordinated interventions involving security agencies and industry stakeholders.
“Today, we are benefiting from those efforts. Last month, we recorded production of nearly 1.8 million barrels per day throughout the month,” Mrs Eyesan said.
She noted that sustained investments in security operations, technology deployment and human capacity development had significantly improved production stability and operational efficiency in the upstream petroleum sector.
According to her, maintaining and expanding the gains has become critical as Nigeria seeks to increase crude oil output, attract fresh investments and maximise revenue generation from the petroleum industry.
“As we look to the future, we desire to grow production and must have assurances that security threats can be effectively managed. We can only achieve this through stronger collaboration with security agencies and industry stakeholders,” she stated.
Mrs Eyesan stressed that safeguarding oil and gas assets remains central to Nigeria’s energy security strategy and economic growth objectives, noting that production assurance has become a key requirement for investors considering new upstream projects.
She disclosed that the Commission was exploring wider deployment of advanced technologies, including drone surveillance systems, to improve monitoring of the country’s vast oil and gas infrastructure network and detect threats before they escalate into operational disruptions.
The NUPRC boss further revealed that the Commission would work closely with operators to refine and implement a new security framework, while providing leadership in stakeholder engagement and governance structures needed to ensure long-term sustainability.
The Minister of Defence, Mr Christopher Gwabin Musa, said the Ministry was introducing a non-kinetic security intervention model aimed at addressing the underlying causes of insecurity in oil-producing communities.
Rather than relying solely on military operations, he explained that the strategy would focus on community engagement, youth empowerment and social inclusion programmes to build lasting peace around critical energy infrastructure.
“One of the best ways to engage youths in oil-producing areas is through sports-based interventions,” Mr Musa stated.
He explained that the initiative would utilise sports development programmes to channel youthful energy into productive activities, reduce vulnerability to criminal networks and strengthen community ownership of critical national assets.
The Defence Minister, who was represented by one of his aides, added that the intervention would also include structured programmes for persons living with disabilities, creating broader opportunities for participation and economic inclusion in host communities.
According to him, the initiative aligns with the Host Community Development provisions of the Petroleum Industry Act (PIA) and is expected to strengthen relationships between operators and host communities while promoting sustainable development.
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