Saturday, March 21, 2020

Tag "Sukuk"

    Oniha: FG to float N100bn Sukuk in December

Oniha: FG to float N100bn Sukuk in December

Patience Oniha, director general of the Debt Management Office (DMO), says another N100 billion Sukuk will be floated in December. The federal government had earlier issued an N100 billion in September 2017 for the construction of 25 economic roads. Sukuk or Islamic Bond is a financial instrument structured to generate returns to ethical investors without infringing on the Islamic law, which forbids [...]

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    FG issues another N100bn Sukuk bond

FG issues another N100bn Sukuk bond

The federal government has announced the approval for the issuance of a second tranche of N100 billion Sukuk bond. This was disclosed at a two-day training on Sukuk structurisation and management in Abuja. The training was organised by the Metropolitan Skills Ltd in collaboration with the ministry of finance, and Standing Committee for Economic and Commercial Cooperation of the organisation of the [...]

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    Nigeria’s bonds win three awards from EMEA Finance awards

Nigeria’s bonds win three awards from EMEA Finance awards

Nigeria was celebrated recently as it won awards in three categories for its securities issuance activities in the domestic and international capital markets. A statement issued on Friday in Abuja, by the communications department of the Debt Management Office (DMO), said the awards came from the EMEA Finance (Europe, the Middle East and Africa), a well-respected institution in the international financial [...]

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Niger government, senator at odds over N21.5bn sukuk loan

In what can be likened to a repeat of the ‘Kaduna scenario,’ the Niger state government is at odds with senator David Umaru (APC-Niger East) over plans by governor Abubakar Bello of Niger to take a N21.5 billion Sukuk bond. Niger state last week announced that it was seeking a N21.5 billion Sukuk bond for infrastructural development But senator Umaru has argued [...]

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FG lists Sukuk on FMDQ OTC

The federal government through the Debt Management Office (DMO) has listed Nigeria's first Sukuk on the FMDQ OTC Securities Exchange. Patience Oniha, DMO's director-general, said the bond was issued to develop and enhance the quality of life and business activities in the country. She said the seven-year bond at 16.47% due by 2024, was packaged on behalf of the government by DMO [...]

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    DMO: Sukuk made it possible to construct Okene bypass

DMO: Sukuk made it possible to construct Okene bypass

The Debt Management Office (DMO) says Sukuk represents a step forward in Nigeria’s drive for the development of infrastructure, in line with the economic recovery and growth plan (ERGP). DMO, in a statement on Monday, said Sukuk "made it possible" to construct the Okene bypass and also the resumption of work on the Kaduna Eastern bypass on which infrastructure had been delayed. The statement [...]

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    FACT CHECK: Did Lai say the whole truth in response to Obasanjo?

FACT CHECK: Did Lai say the whole truth in response to Obasanjo?

Olusegun Obasanjo, former president, shocked the world on Tuesday when he warned President Muhammadu Buhari against contesting in 2019. The former president, who was one of Buhari's supporters during the 2015 elections, said the president had performed below expectation. After the federal executive council meeting on Wednesday, Lai Mohammed, minister of information, culture and tourism, responded to the letter with what he [...]

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    Oniha: FG planning another Sukuk, Eurobond in 2018

Oniha: FG planning another Sukuk, Eurobond in 2018

Patience Oniha, director general of the Debt Management Office (DMO), says the federal government will issue another Eurobond and Sukuk in 2018. Speaking in an interview with Bloomberg, Oniha said the federal government might issue a $2.5 billion Eurobond in the first quarter of 2018 to refinance old debts. This, she said, would complete the planned issuance of $5.5 billion Eurobond proposed [...]

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    Private firm floats Nigeria’s first power infrastructure bond

Private firm floats Nigeria’s first power infrastructure bond

Viathan Group, a private company, has issued a $32 million infrastructure bond to fund power assets— the first of its kind in Nigeria. The bond, which is worth N9.8bn when converted at the CBN official rate N305.65 to a dollar, is offered at an interest rate of 16 percent. Viathan is owned by Synergy Private Equity, a company which develops and operates [...]

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Osinbajo ‘oblivious of motive’ behind Sukuk bond, says CAN

The Christian Association of Nigeria (CAN) says Vice President Yemi Osinbajo is unconscious of the federal government's motive behind the adoption of the Sukuk bonds. CAN had claimed that the N100bn Sukuk bond issued by the federal government was unconstitutional and an attempt to Islamise Nigeria. But Osinbajo, while speaking at a pastors’ conference in Lagos, dismissed the reports that there were [...]

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    Osinbajo: Divided Christians raising false alarm on Islamisation

Osinbajo: Divided Christians raising false alarm on Islamisation

Vice-President Yemi Osinbajo has dismissed the reports that some people are trying to Islamise Nigeria. The Christian Association of Nigeria (CAN) has made this allegation repeatedly - the last being shortly after the federal government introduced Sukuk bond. Although government clarified the policy and even explained that the bond would be used to construct 25 roads across the country, the religious body [...]

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    Works ministry gets N100bn Sukuk proceeds

Works ministry gets N100bn Sukuk proceeds

The ministry of works, power and housing has received N100 billion proceeds from the Sukuk subscription. This comes nine working days after the subscription period of the non-interest bond. The offer period, which opened on September 14, closed on September 20. It was oversubscribed to the tune of N105.87 billion. At an event in Abuja on Thursday, Kemi Adeosun, minister of finance, handed [...]

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    Adeosun: Ministry of works will receive Sukuk proceeds on Thursday

Adeosun: Ministry of works will receive Sukuk proceeds on Thursday

Kemi Adeosun, minster of finance, says the ministry of works will get the proceeds of the N100 billion Sukuk on Thursday. NAN reports that Adeosun made this known when she appeared before the joint committee on finance and appropriation of the senate on Tuesday in Abuja to brief it on the level of implementation of the 2017 budget. She said the federal [...]

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    Christianise Nigeria with interest-free banks, Falana taunts CAN

Christianise Nigeria with interest-free banks, Falana taunts CAN

Femi Falana, human rights lawyer, has called on the Christian Association of Nigeria (CAN) to “Christianise” Nigeria by setting up interest-free banks. Falana said this in reaction to the dust raised by the N100 billion Sukuk bond issued by the federal government. CAN had said the issuance of the bond was an attempt to sell Nigeria to Islamic nations. But speaking on Thursday [...]

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    FGN Sukuk beats expectations, oversubscribed by 6%

FGN Sukuk beats expectations, oversubscribed by 6%

The debut N100 billion Sukuk offer by the Debt Management Office (DMO) was oversubscribed by 5.8% approximately 6%. According to a statement issued by the office, investors in the bond, which has a seven-year tenor, included pension funds, banks, fund managers and retail investors. DMO said the total subscription to the Sukuk offer was N105.88 billion. Patience Oniha, DMO director general, said the [...]

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    FACT CHECK: Do Sukuk bonds lead to Islamisation?

FACT CHECK: Do Sukuk bonds lead to Islamisation?

Last week, the federal government issued a seven-year N100 billion Sukuk bond. Patience Oniha, director general of the Debt Management Office (DMO), said proceeds from the bonds would be used to finance the construction of 25 major roads across the six geopolitical zones in the country.  Nigerians were still trying to study and understand the concept when the Christian Association of Nigeria [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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