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Nigerian govt issues N1.1trn Sukuk bonds to finance 124 road projects – SEC

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The Securities and Exchange Commission, SEC, has said the Nigerian government issued six sovereign sukuk worth N1.1 trillion, which is the same as $657.6 million, to finance 124 federal road projects.

The Director General of SEC, Emomotimi Agama, disclosed this on Thursday at the 2nd International Islamic Capital Market Conference in Karachi, Pakistan.

Agama said the road projects covered over 5,820 kilometres across the six geopolitical zones of the country.

He said the success rate made the Islamic Capital Market (ICM) stand out as a resilient and innovative tool for mobilising resources.

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Agama described the issuance of sovereign Sukuk in 2017 as a key pillar responsible for the growth of the ICM in the country.

The DG said that the issuance had consistently been oversubscribed, with the subscription rate reaching as high as 441 percent.

He disclosed that sub-national and corporate Sukuk issuances were also growing in the country.

According to him, Nigeria can boast of 14 Halal mutual funds with a net asset value exceeding N105 billion as of November 2024.

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”Beyond Sukuk, the ICM segment in Nigeria offers diverse investment opportunities.

”From one registered fund in 2008, the segment currently boasts of 14 registered Halal mutual funds with a net asset value exceeding N105 billion as of November 2024.

”The NGX Lotus Islamic Index tracks 11 Shariah-compliant equities, while Nigeria’s first Islamic Real Estate Investment Trust—ChapelHill N-REIT—highlights the potential of real estate investments.

”The prospects for Nigeria’s Islamic finance industry are underpinned by key growth drivers, both global and domestic,” he said.

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INEC Plans To Declare Osun Election Inconclusive— Adeleke Camp

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The Imole Campaign Council, the campaign organisation of Osun State Governor and Accord Party governorship candidate, Ademola Adeleke, has raised the alarm over an alleged plan by the Independent National Electoral Commission (INEC) to declare Saturday’s governorship election inconclusive.

Chairman, Media and Publicity Committee of the council, Bamidele Salam, in a statement obtained by Politics Nigeria, described the alleged plan as “sinister” and an attempt to subvert the will of Osun voters.

The campaign council alleged that the purported move was being coordinated by some governors and leaders of the All Progressives Congress (APC) as part of efforts to frustrate what it described as Adeleke’s “imminent victory” in the election.

“Our Party wishes to inform Nigerians of a sinister plan by the Independent National Electoral Commission INEC to declare the ongoing Governorship election inconclusive in an apparent move to frustrate the imminent victory of Sen Ademola Jackson Nurudeen Adeleke of the Accord,” the statement said.

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The campaign council further alleged that the move was one of the “last minute desperate moves” by the APC to hijack the election outcome.

It called on the INEC Chairman, Joash Amupitan, and the electoral commission to uphold their commitments to conducting a free, fair and credible election.

The council also appealed to security agencies, including the Nigeria Police Force, Department of State Services (DSS) and Nigeria Security and Civil Defence Corps (NSCDC), to strengthen security around collation centres across the state.

It alleged that ballot boxes had already been hijacked at some polling units by suspected thugs and demanded the immediate arrest and prosecution of those responsible.

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The campaign council also urged local and international election observers to pay close attention to the collation process and speak out against any alleged attempt to undermine the electoral process.

Meanwhile, in a separate statement, the spokesman of the Imole Campaign Council, Pelumi Olajengbesi, said Adeleke and the Accord Party were “in a comfortable lead” in the election.

Olajengbesi urged INEC to comply with President Bola Tinubu’s directive for a transparent, free and fair election, while calling on security agencies to remain professional and politically neutral during the collation of results.

He particularly warned against alleged attempts to manipulate the process at ward and local government collation centres.

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“The votes of the good people of Osun must count,” Olajengbesi said, urging civil society organisations and international observers to monitor the process through the final declaration of results.

“INEC should not subject the democratic will of the people to the ego of APC power-grabbers and moneybags desperate to win this election at all costs when the Accord Party is clearly in the lead.

“We urge civil society organisations and lovers of democracy across the world to monitor this process till the very end and reject any nocturnal magic or manufactured votes by the APC.”

The allegations by the Adeleke camp come as INEC officials proceed with the collation of results from polling units across Osun State.

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The Imole Campaign Council also called on voters and observers to remain vigilant, while urging the electoral commission and security agencies to ensure that the final outcome reflects the votes cast by the people of Osun State.

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Osun Election: Accord Defeats APC in Omisore’s Polling Unit

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The Accord Party has defeated the All Progressives Congress (APC) at the polling unit of former Osun Deputy Governor and ex-APC National Secretary, Senator Iyiola Omisore, in the ongoing Osun State governorship election.

According to results uploaded to the Independent National Electoral Commission (INEC) Result Viewing Portal (IReV), Accord secured 131 votes at Polling Unit 003, Ife Ward 1 (Moore), St. Gabriel Primary School, in Ife East Local Government Area.

The APC polled 85 votes to finish second, while the African Democratic Congress (ADC) recorded 10 votes. Other political parties obtained marginal votes at the polling unit.

The result adds to a series of early victories recorded by the Accord Party as INEC continues the uploading and collation of results across the state.

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Earlier, Accord also won at the polling unit of former Osun Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area.

The result sheet uploaded on the IReV portal showed Accord polling 125 votes, ahead of the APC, which recorded 85 votes. The ADC secured five votes.

Meanwhile, INEC has continued to upload results from polling units across Osun State as the governorship election moves into the collation stage.

Voters across the state’s 30 local government areas cast their ballots on Saturday to elect a governor for the next four years.

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The major contenders in the election include the incumbent Governor Ademola Adeleke of the Accord Party, APC candidate Bola Oyebamiji, and African Democratic Congress (ADC) candidate Najeem Salaam.

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Osun election: Oyinlola Loses Polling Unit to Accord Party

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The Accord Party has won the governorship election at the polling unit of former Osun State Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area of the state.

According to the result sheet uploaded to the Independent National Electoral Commission’s (INEC) IReV portal, Accord polled 125 votes to emerge victorious at the polling unit.

The All Progressives Congress (APC) came second with 85 votes, while the African Democratic Congress (ADC) secured five votes.

The African Action Congress (AAC) scored two votes, while the Social Democratic Party (SDP), Young Progressive Party (YPP) and Zenith Labour Party (ZLP) each recorded one vote.

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Other parties, including the AA, ADP, APGA, APM, APP, BP, NNPP and PRP, recorded no votes.

The result sheet showed that 228 voters were accredited, with 220 valid votes cast and eight rejected ballots.

The election was conducted at Court Hall I, Okuku, in Odo-Otin Local Government Area.

The result comes against the backdrop of Oyinlola’s reported endorsement of the APC governorship candidate, Bola Oyebamiji, ahead of the election.
Oyinlola, who governed Osun State from 2003 to 2010, had publicly backed Oyebamiji despite the APC candidate running against incumbent Governor Ademola Adeleke.

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The outcome at Oyinlola’s polling unit therefore puts the Accord Party ahead of the APC, with Adeleke’s party failing to secure the unit despite the incumbent governor’s participation in the election.

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