The Federal Government of Nigeria has announced the issuance of a second tranche of N100 billion Sukuk Bond to finance road infrastructure across the country.
The approval for the second tranche followed the success and oversubscription of the first tranche, the Chief Executive Officer (CEO) of Metropolitan Skills, Ummahani Amin, said at a two-day training on Sukuk structurisation and management in Abuja.
The training was organised by the Metropolitan Skills Ltd. in partnership with the Ministry of Finance, and Standing Committee for Economic and Commercial Cooperation of the organisation of the Islamic Cooperation (COMCEC).
Recall that the Federal Government had in September 2017 issued the first N100 billion Sukuk Bond as part of capital raising for the construction of about 25 roads in the nation.
Amino said funds realised from the second tranche of the bond would also be channelled into the construction of roads across the six geo-political zones of the country.
He assured that just like the first tranche, this year’s tranche of N100 billion would be successful.
“We are doing the second tranche now because the first one was successful and over subscribed. N100 billion was involved in the first and the second is on the way.
“So we are looking at the same infrastructure, construction of roads across Nigeria and the six geopolitical zones. This has never happened in the history of Nigeria for infrastructure,” Amin said.
Source: The Ripples