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FMWH, FCTA Receive N130bn Sukuk Cheque, Under 2022 Budget

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DMO Commemorates Listings of Eurobonds, Sukuk on NGX

The Debt Management Office (DMO) has presented cheques of N130 billion being Proceeds of the 2022 Sovereign Sukuk offer to the implementing ministries.

The cheque presentation was done Minister of Finance, Budget and National Planning, Zainab Ahmed, at her office in Abuja, on Monday.

She highlighted that the issuance of sovereign sukuk, a project-tied debt instrument, is one of the many innovative and very successful initiatives of the President Muhammadu Buhari administration.

She maintained that said it was aimed at financing development of critical infrastructure.

The implementing ministries were the Federal Ministry of Works and Housing (FMWH) and the Federal Capital Territory Administration (FCTA).

According to Ahmad the facts on how much the initiative had helped to improve road infrastructure across the country were glaring.

She said, “As at date, this administration has invested the sum of N612.557 billion raised through Sovereign Sukuk between 2017 and 2021 for the construction and rehabilitation of key economic road projects.

“The projects are in the six geo-political zones and the FCT.

“In real terms, the amount has been used to construct and rehabilitate sections of 71 road projects covering 2,808 kilometers and four bridges by the FMWH.

“It has also aided the construction of sections of six road projects covering 99 kilometers and 19 bridges by the FCTA.”

She explained that the FMWH and the FCTA would be sharing N130 billion, being proceeds of 2022 Sukuk issue proceeds, successfully issued by the DMO on behalf of the Federal Government.

Ahmad added that the release would form part of the 2022 budget, which implementation had been extended to March 2023 by the National Assembly

“FMWH will get N110 billion and the FCTA will get N20 billion.

“The N130 billion will be released as part of the capital expenditure in the 2022 Appropriation Act, which has been extended by the National Assembly to March 31.

“As at November 2022, N1.88 trillion had been released as Capital Expenditure, which represents about 40 per cent performance when compared to the total Capital Budget of N4.7 trillion.

“This informed the need to extend the period to implement the capital component of the 2022 Budget,” Ahmad said.

In addition to the immense contributions of Sukuk to the funding of critical road infrastructure, Ahmad noted that the objectives of deepening the domestic capital market and financial inclusion are being achieved by the government.

Director-General, DMO, Patience Oniha, said that the office started the journey toward issuing a Sovereign Sukuk some years back, and had been diligently working with experts to perfect the process and documentation.

According to Oniha, these efforts paid off with the issuance of the first Sovereign Sukuk of N100 billion in September, 2017.

“The DMO has issued Sukuk four more times bringing the total amount raised as at Dec. 2022 to N742.56 billion.

“From the Sukuk issued between 2017 and 2021, a total of N612.56 billion was raised and deployed to the construction and rehabilitation of sections of 71 roads and four bridges covering a total of 2,820 km,” Oniha said.

She commended the implementing ministries and their various contractors for supporting the DMO in the Sukuk initiative.

According to her, the initiative has afforded the DMO the opportunity to demonstrate strong alignment with the policy of President Buhari on infrastructure development.

“Furthermore, the DMO has positioned itself as an agency for managing the public debt including borrowing on behalf of the Federal Government.

“It has also become an active stakeholder in the domestic capital market through innovation, investor engagement and collaboration with other stakeholders.

“These have deepened the market, created benchmarks for other borrowers and promoted financial inclusion by providing a retail product, FGN Savings Bond, as well as Sukuk and Green Bonds for ethical investors,” Oniha said.

According to her, the DMO remains committed to its mandate and market development activities.

Minister of Works and Housing, Babatunde Fashola, said that the Sovereign Sukuk had contributed immensely to raising badly needed funds for roads projects across the country.

Various construction companies, which had laid off many of the staff due to redundancy had recalled most of the staff members, partly due to the funding support from Sovereign Sukuk, Fashola pointed out.

He gave kudos to the former finance minister, Kemi Adeosun, the incumbent Minister of Finance, as well as the DMO director-general for initiating and sustaining the Sukuk initiative, respectively.

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Kwara-based Catholic School Shines In 2024 UTME: 30 Students Score Above 300

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The Eucharistic Heart of Jesus Model College, Ilorin, Kwara State, has made headlines with a remarkable achievement in the 2024 Unified Tertiary Matriculation Examination (UTME).

Revealed by Reverend Father Jude Okeh via his X handle, @friajudeo, the school proudly announced that 30 of its students scored impressively between 300 and 355 points.

Topping the list are Fasesin Ayomiposi and Kunle-Olawepo Ayomikun, both securing an outstanding 355 points.

Following closely are Adelodun Oluwadarasimi and Ayejuto Daniel with 341 points, and Idris Jamaaldeen with 333 points, showcasing the school’s commitment to academic excellence.

The UTME results have garnered attention amidst recent controversies surrounding the exam. With over 8,000 students nationwide achieving scores above 300, the proficiency demonstrated by these students from Eucharistic Heart of Jesus Model College stands as a testament to their dedication and the quality of education provided by the institution.

In a statement, Reverend Father Jude Okeh highlighted the significance of this achievement, particularly in light of the challenges faced by candidates nationwide.

Netizens have lauded the students’ success, acknowledging it as a remarkable feat amidst the backdrop of JAMB’s statistics, which revealed a significant number of candidates failing to meet the 200 marks threshold.

JAMB reiterated the purpose of the UTME as a ranking examination and cautioned against the proliferation of fake result slips.

The board emphasized the importance of relying on official channels for result verification, reaffirming its commitment to maintaining the integrity of the examination process.

The stellar performance of the students from Eucharistic Heart of Jesus Model College serves as a beacon of inspiration, reflecting the potential for excellence within the educational landscape of Kwara State and beyond.

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Fuel Crisis: No End In Sight As NNPC, IPMAN Fight Dirty

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The ongoing fuel crisis appears to be a case of the grass suffering while two elephants fight.

The bone of contention seems to be that while the Nigerian Government wants to carry out minor reforms in the supply chain, and is assuring the public that the scarcity would end soon, the organised marketers appear focused on protecting the interests of its members.

Biztellers reports that about 8,000 operating licences of IPMAN’s members are threatened by a new policy of the National Petroleum Company Limited (NNPC Ltd).

Recall that the NNPC Ltd had placed a deadline of April 15, 2024, for marketers to renew their operating licences or risk being denied access to their customer express portals for the purchase of petroleum products from the NNPC Retail Limited.

However, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had claimed that the registration processes and requirements were cumbersome, for which some of its members could not meet the deadline.

Consequently, the IPMAN requested an extension till July, so that its members could reconcile their licenses and address the lingering scarcity, which has compounded the economic woes confronting the ordinary Nigerian.

The IPMAN has also appealed to the Nigerian Midstream and Downstream Regulatory Authority (NMDRA) to release 9,000 already processed licences to its members.

The National Public Relations Officer, IPMAN, Chinedu Ukadike, gave an update on the Association’s position in a statement on Thursday in Abuja.

The statement read, “The Independent Petroleum Marketers Association of Nigeria are abreast with current developments in the downstream sector of our petroleum industry and wish to state that the latest information reaching us from the Nigerian Midstream and Downstream Petroleum Regulatory Authority states that they have already processed more than 9,000 out of the 15,000 licenses they are expected to process for our members within this period.

“Marketers are fast-tracking the processing of their licenses to avoid the impending closure of their customer express portals for purchase of petroleum products from NNPC Retail Limited.

“We, therefore, use this opportunity to appeal to the management of the NMDPRA and NNPC Retail Limited to respectively release the processed licenses and extend the deadline for delisting of marketers from their express portals.

“If our request is granted, it will ease the tension of panic buying by members of the public in order not to aggravate the present scarcity of petroleum products.”

In an earlier statement, the IPMAN had blamed the ongoing scarcity which had seen pump prices of Premium Motor Spirit (PMS) skyrocket to between N750/litre to N1,200/litre across Nigeria on turnaround maintenance of oversea suppliers of the product.

On its part, the NNPC Ltd had blamed logistics on the scarcity, which it claimed to have addressed.

The state oil company had also tried to address the situation by assuring of sufficient stock and increased product supplies, yet, the IPMAN members appear to be sticking to their gun, in protection of members’ interests, by controlling sales to the public.

Recall that the Chairman, IPMAN Depot Chairmen Forum, Yahaya Alhassan, had on Tuesday threatened to shut down the 30,000 stations operated by IPMAN members across the country if the Federal Government failed to pay the N200bn that was being owed marketers.

The IPMAN’s position was contained in a communique issued in Abuja by over the non-payment of marketers’ bridging claims.

According to the IPMAN, the NMDPRA had refused to clear the debt, which had continued to accrue since September 2022.

It might just be that the two elephants are keeping the bone of contention close their chests and feeding members of the public with tales by the moonlight.

In the interim, the economic hardship continues to bite harder, with common Nigerians at the receiving end.

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Vigilantes Slain, Village Heads Abducted In Kaduna Attack

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In a tragic turn of events, it has been reported that a group of terrorists attacked Kakangi and Unguwan Matinja communities in the Birnin Gwari Local Government Area of Kaduna State, resulting in the deaths of eight vigilante members and two others.

Additionally, the village heads of Kakangi and Kisaya villages were abducted during the assault.

The attack, confirmed by resident Idris Khalid, occurred early on Thursday when armed individuals invaded the villages.

Among the victims in Kakangi were eight vigilante members, including Bala Kamba, Abdurrahman Musa (Ubale), Kabiru Dan Dugui, Hambali Abu, Aliyu Abu, Nura Jika (Maleka), Mubarak Musa (Dan Wamba), and Ikra Hantsi.

Khalid further disclosed that the two individuals who lost their lives in the Ungwan Matinja community, located under Gayam Ward, were identified as Christopher Abubakar and Isah Gambo.

He explained that the vigilantes came under attack while tracking the kidnapped victims, who had been abducted while en route to a burial ceremony between Kakangi and Sabon Layi.

The resident said “The vigilantes engaged the terrorists, killing scores of them but could not rescue the two traditional rulers and others.

“Normally, anytime there is a kidnap incident, the vigilantes always trail the terrorists to rescue the victims.

“It’s unfortunate that in the process, eight gallant officers of the vigilantes who have been sacrificing in ensuring the safety of our people were lost.”

The Public Relations Officer of the State Police Command, ASP Mansir Hassan, stated that they are actively investigating the matter to ascertain the truth, noting that the area where the incident occurred experienced network issues.

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