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FMWH, FCTA Receive N130bn Sukuk Cheque, Under 2022 Budget
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.
NEWS
FCT Police Chief Inspects Worship Centres, Commends Residents for Peaceful Conduct
The Commissioner of Police, Federal Capital Territory (FCT) Command, CP Ahmed Muhammad Sanusi, has inspected security deployments at churches across the territory, urging officers to maintain professionalism and vigilance during religious activities.
The inspection was disclosed in a statement issued on Sunday by the FCT Police Public Relations Officer, SP Josephine Adeh.
Sanusi conducted the inspection on November 8, 2026, to assess the operational readiness of personnel deployed to worship centres and evaluate security arrangements for residents and worshippers.
SEE ALSO: October 1 Protests: FCT Police Call For Increased Vigilance Among Residents
The exercise followed a similar inspection of mosques across the FCT on Friday, November 6, as the Command sustained efforts to strengthen security around religious centres.
During the visits, the police commissioner charged officers to remain professional and responsive in the discharge of their duties.
He also commended residents for their peaceful and orderly conduct following mosque and church services, noting that public cooperation remained essential to maintaining security and public order across the territory.
The commissioner urged residents to continue cooperating with the police and other law enforcement agencies, remain security-conscious and promptly report suspicious persons, movements or activities to the nearest police station.
He further encouraged residents to utilise the Command’s emergency lines, 08032003913 and 08061581938, to report security concerns.
Adeh said the Command’s Public Relations Office remained open and accessible to members of the public for enquiries, complaints, information and other security-related matters.
The FCT Police Command reiterated its commitment to protecting residents and worshippers and maintaining security across the Federal Capital Territory.
NEWS
2027: Shettima Arrives in Uyo for APC Presidential Campaign Rally
Vice President Kashim Shettima has arrived in Uyo, the Akwa Ibom State capital, for the All Progressives Congress (APC) presidential campaign rally ahead of the 2027 general elections.
The development was disclosed on Friday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.
Akwa Ibom occupies a strategic position in President Bola Ahmed Tinubu’s Renewed Hope Agenda, with major federal investments expected to strengthen infrastructure and economic activities across the state.
SEE ALSO: 2027: Shettima Arrives in Lafia to Rally Support for Tinubu’s Re-election
One of the major projects is the Lagos–Calabar Coastal Highway, which has an approximately 82.8-kilometre stretch passing through Akwa Ibom.
The project, according to the statement, “promises improved connectivity, expanded trade, greater investment and new economic opportunities for communities across the region.”
Beyond infrastructure, the administration’s interventions in education, agriculture, healthcare, youth empowerment and social protection are also designed to improve livelihoods and broaden economic participation.
The Nigerian Education Loan Fund (NELFund) is among the initiatives highlighted, complementing Governor Umo Eno’s investments in roads, aviation, tourism and human capital development.
The statement noted that the Uyo rally provides “another opportunity to strengthen the APC’s growing political presence in the South-South and make the case for continuity in 2027.”
NEWS
Elohor Aiboni Honoured with DTN@100 Changemaker Award
Executive Vice President and Country Chair, Shell Companies in Nigeria, Elohor Aiboni was among 100 people honoured with the DTN@100 Award.
She joined a list of distinguished recipients recognised by the Daily Times newspapers. The contributions of the awardees to national development will be documented in a special publication, titled Nigerian Grand Book.
Daily Times which started publication in 1926 gave the awards as part of its centenary celebrations in Lagos. The centenary theme is: “Honouring the Past, Shaping the Future.” Chairman, Folio Media Group and Publisher Daily Times of Nigeria Fidelis Anosike said: “We proudly celebrate Elohor Aiboni, Executive Vice President and Country Chair of Shell Companies in Nigeria, for her well-deserved recognition at the Daily Times Heroes Award. As a visionary female leader, Elohor has shown that true leadership is defined by action. Her forward-thinking policies continue to drive real, positive change across our nation.”
In her response, Elohor said: “Although this award is presented to me, I do not regard it as mine alone. I share it with my colleagues across the Shell Companies in Nigeria, our partners, and the many people I have had the privilege of working with and learning from over the years.”
Elohor was commended for her achievements in a career in the energy industry that started in Shell in 2002. In addition to serving in operational roles within and outside Nigeria, she has worked as asset manager for Bonga, leading up to her appointment as Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) in 2021, the first female to hold the post. Early this year, she took up the role of Executive Vice President and Country Chair, Shell Companies in Nigeria, also the first female and Nigerian to hold both roles.
READ ALSO: “8216;The Panic Is Real” Atiku Accuses APC of Plot to Weaken ADC
In her acceptance speech, Elohor also called for concerted efforts towards educating the girl-child. She said: “If we are serious about shaping Nigeria’s future, we must be equally serious about educating and empowering the Nigerian girl child. Education provides not only knowledge, but also confidence, choice and the opportunity to contribute meaningfully to her community and country.”
Photo Caption – L-R: Energy and Investment Solicitor, Sam Aiboni; Executive Vice President and Country Chair, Shell Nigeria, Elohor Aiboni; actress Rita Dominic; and Daily Times Chairman, Fidelis Anosike, during the award presentation at Harbour Point, Lagos.





