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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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Mbah mourns ,says Christian Chukwu was a ‘football icon’

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By Kayode Sanni-Arewa

Enugu Governor Peter Mbah has expressed deep grief over the passing away of former Super Eagles skipper and coach, Christian Chukwu, describing him as a football icon, titan, and phenomenon.

Reacting to the development on Saturday Mbah said: “I received with a deep sense of loss the passing away of Chairman Christian Chukwu. It is a personal loss to us as Ndi Enugu, his home state, and indeed to Nigeria as a nation and Africa as a continent.

“Christian Chukwu was a national icon, a football titan, field marshal, and phenomenon. His exploits as a footballer united the country across ethnic divides and creed.

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He was patriotism personified, serving the nation and Africa unreservedly both as a player and coach of the highly successful Rangers International Football Club of Enugu and Super Eagles of Nigeria, which he captained to victory as Green Eagles at the 1980 Africa Cup of Nations, AFCON. He also coached the Harambee Stars, Kenya’s senior male national team, among others.

“Chairman, as he was fondly called, gave his all not only to the nation but to the rest of Africa. He wrote his name in gold in the annals of the history of Nigerian and African football.

Our dear legend has gone the way of all mortals, but the fond memories and the pride he gave Ndi Igbo and Nigeria as a whole will be cherished forever.

“My heart goes out to his family, Ndi Enugu, the Nigerian sports community and the entire nation over this irreplaceable loss. May the good Lord grant his soul eternal repose.”

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Just in: Boko Haram IED Blast Kills Seven Along Maiduguri-Damboa Road

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By Kayode Sanni-Arewa

No fewer than seven people lost their lives on Saturday following the detonation of an Improvised Explosive Device (IED) planted by Boko Haram terrorists in Borno State.

The deadly incident occurred along the Maiduguri-Damboa Road, a notorious route that cuts through the Sambisa Forest—an area long plagued by insurgent activities.

The victims were part of a convoy of vehicles being escorted by the military from Damboa to Maiduguri.

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According to eyewitness accounts and local sources, the explosion struck as the convoy—organized to provide safe passage through the volatile region—was underway. Several other passengers sustained varying degrees of injuries and were rushed to a hospital in Maiduguri for urgent treatment.

The Maiduguri-Damboa Road serves as a vital link between the state capital and several local government areas in southern Borno, including Chibok and Gwoza.

For years, the route remained closed to civilian traffic due to persistent terrorist threats. However, under the administration of Governor Babagana Zulum, the road was reopened, with military escorts deployed to accompany travelers twice weekly after clearing the area for explosives.

Saturday’s attack raises fresh concerns about the safety of the corridor, despite consistent military presence. The blast also comes just days after Governor Zulum publicly raised alarm over renewed Boko Haram activity in the state, highlighting the persistent threat the group poses to peace and development in the region.

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Authorities are yet to release an official statement on the incident, while investigations and security operations in the area continue.

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Insecurity: Criminals Cart Away NSA Ribadu’s Office Hilux During Juma’at Prayer In Abuja

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By Kayode Sanni-Arewa

The Federal Capital Territory (FCT) Police Command has initiated a search following the theft of a black Toyota Hilux vehicle belonging to the Office of the National Security Adviser (ONSA), Nuhu Ribadu, which was stolen during Friday’s Juma’at prayers in Abuja.

It was gathered that the vehicle was parked around 1:05pm opposite the Abuja Municipal Area Council (AMAC) complex in Area 10, while the official attended prayers at a nearby mosque.

Security source, Zagazola Makama, disclosed the incident via his X (formerly Twitter) handle, revealing that the ONSA official returned from the mosque only to find the vehicle missing.

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According to him, a sources said the theft was immediately reported to the Garki Police Division at approximately 2:00 p.m., leading to a swift response by law enforcement.

Meanwhile, the FCT Police Command promptly activated a stop-and-search operation at various checkpoints and across all entry and exit points in the capital city.

Police authorities confirmed that investigations are ongoing and all efforts are being made to apprehend the culprits and recover the vehicle.

The Command said it had intensified efforts to track down the fleeing suspects and recover the stolen Hilux.

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