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Govt To Bridge Road Infrastructure Deficit With N100bn Sukuk Fund

The Federal Government has pledged to boost infrastructure provision with the N100billion Sukuk Bond.

Speaking at the sovereign Sukuk public offer-investor forum at the weekend in Lagos, Patience Oniha, Director General of DMO, said the success of the first N100bn Sukuk Bond launched in 2017 was down to the fact that the Nigerian financial market, as well as investors, were getting more refined and therefore arousing the interest of many.

According to Oniha the 2017 N100bn Sukuk, which was 5.8 per cent over-subscribed, ensured execution of road projects across all regions of the country.

She further said the main objective of the second Sukuk issue was to sustain the rehabilitation and construction work on 25 key economic roads in the six-geopolitical zones with the roads now added for more reach.

‘‘We are happy to be participating in this initiative, which will contribute to narrowing the country’s infrastructure deficit.”

Subscribers can purchase N1,000 per unit subject to a minimum subscription of N10,000 and in multiple of N1,000 with FBNQuest and Islamic Wealth Manager, Lotus Capital, managing the sales.

Just as the Sukuk II Bond was launched, the House Committee on Works also revealed that the bond had assisted in mobilising a lot of contractors handling various Federal Governments’ projects back to site.

Alhaji Ali Wudil, Chairman of the committee, disclosed this when he led the committee members on an oversight visit to some projects in Kano State, most of which were executed under the Sukuk Bond.

Wudil said most of the projects had been abandoned for years, but that the Sukuk Bond had mobilised the contractors back to site.

“As you can see, works are on-going in most of the areas we visited and this is possible because of the Sukuk Bond. Some of these projects were started since 2006 and are not yet completed due to unavailability of funds, which has resulted to review upon review of the projects and you know what that entails. Nevertheless, at committee level, we are satisfied with the level attained and the quality of the jobs being executed.”

Mr. Roy Hungushi, Project Manager, Dantata and Sawoe, handling the Kano Western By-pass, told the committee that the 26.6km road awarded since 2007 at the cost of N13.2bn had now escalated to N22bn due to lack of funds that warranted for series of review.

Mr. Hungushi added that with the Sukuk, the company was able return to site and that with adequate funding the project would be completed in good time.

The committee visited about eight sites, most of which were funded with the Sukuk bond, including the multi-billion naira Abuja-Kano Road.

Earlier, Kemi Adeosun, former Minister of Finance while presenting the N100 billion Sukuk bond proceeds to Babatunde Fashola, Minister of Power, Works and Housing had said that the 25 roads would be fixed with this fund.

According to her, the proceeds would be used to support the federal government’s capital spending for 2017.

She said: “The proceeds will be used to further support government capital spending for 2017 – the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country. “The roads will ease commuting, spur economic activities across the country and further close our infrastructural gap. Each of the six geo-political zones is expected to receive the sum of N16.67 billion for road projects in their respective zones.

In southwest, the bond is to be used for the reconstruction of Benin-Ofosu-Ore-Ajebandele-Shagamu dual carriageway (Phase 3 and the dualization of Ibadan-Ilorin road (Section 2). Three roads were identified in south south.  They include rehabilitation of Enugu-Port Harcourt road (Section, dualization of Yenagwa road junction- kolo-Otuoke Bayelsa Palm and dualization of Lokoja-Benin road (Section 2-4).

In southeast, rehabilitation of Onitsha-Enugu expressway and rehabilitation of Enugu-Port Harcourt road (Section 1-3) are to be done. While in North Central there would be construction of Loko Oweto Bridge, dualization of Abuja-Lokoja road (Section 1 and 4), dualization of Suleja –Minna road (Phase 2) and dualization of Lokoja-Benin road (Section 1).

Northeast will have dualization of Kano-Maiduguri road (Section 2-5), northwest will have dualization of Kano-Maiduguri road (Section), dualization of Kano-Kastina road (Phase 1) and Construction of Kano Western bypass and Kaduna Eastern bypass.

Source: Emmanuel Badejo
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