FG releases N100bn sukuk proceeds to road contractors

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Babatunde Raji Fashola

The Minister of Finance,Mrs. Kemi Adeosun, has released the proceeds of the N100 billion Sukuk bond for 25 key economic road projects of the Federal Ministry of Power, Works and Housing.

Mrs. Adeosun, on Thursday in Abuja, handed over the cheque to Minister of Power, Works and Housing Babatunde Fashola.

The government issued the Sovereign debut Sukuk of N100 billion in September. Completed last week, the Sukuk bond has a tenor of seven years.

The offer was oversubscribed at N105.87 billion. To Mrs Adeosun, “the milestone was a sign of confidence in the Nigerian economy and the administration of President Muhammadu Buhari”.

She added that the Sukuk proceeds would unlock Nigeria’s potential. “This is the first Sukuk bond issuance for Nigeria. It is about financial inclusion and deepening of our financial markets. The proceeds will be used to further support government capital spending for 2017 – the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country,” Mrs. Adeosun said.

Each of the geo-political zones is expected to receive N16.67 billion for roads in their zones.

The North Central and Southsouth accounted for five each of the 25 key roads. The Northeast, Northwest and Southeast have four each.

Three projects are to receive funding from the Sovereign Sukuk proceeds in the Southwest. The Northcentral has five – dualisation of Lokoja-Benin road, Abuja-Abaji-Lokoja road section one, three and section four and Construction of Oju-Loko-Oweto Bridge over River Benue.

The Northeast has four – dualisation of Kano-Maiduguri road section two, three, four and five.

The Northeest has four projects, dualisation of Kano to Katsina road phase one, dualisation of Suleja to Minna roads in Niger State, phase two, construction of Kano Western bypass and the construction of Kaduna Eastern by-pass road.

Four projects will benefit from the Southeast. They are rehabilitation of Enugu-Port Harcourt dual carriageway section two, Onitsha to Enugu expressway, Enugu to Port Harcourt dual carriageway section one, and three.

For the Southsouth, five projects will benefit from the fund. They are dualisation of Yenegoa to Kolo to Otuoke to Bayelsa palm road.

Other projects in the region are the rehabilitation of Enugu – Port Harcourt road section four and the dualisation of Lokoja-Benin road section two, three and four and five.

Three projects will be executed in the Southwest – reconstruction and asphalt overlay of Benin – Ofosu – Ore – Ajebandele – Shagamu dual carriageway phases three and four.

The dualisation of Ibadan – Ilorin road section two will also be completed using the raised funds.

To benefit from the funds are Arab Contractors Nigeria Limited, CCECC Nigeria Limited, CGC Nigeria Limited, Dantata and Sawoe Construction and Gitto Construction Generalli Nigeria Limited.

The others are Salini Nigeria Limited, Mothercat Limited, RCC Nigeria Limited, Setraco Nigeria Limited and Eksiogulari Nigeria Limited.

Fashola praised the Finance Minister, the Director-General of the Debt Management Office, Ms. Patience Oniha and the financial advisers for the bond issuance for their painstaking efforts in realising the milestone.

Fashola assured the contractors that the Federal Government was committed to funding its projects.

The representative of the contractors, Mousa Nahkia, their gratitude to President Muhammadu Buhari, Mrs. Adeosun and Fashola for “working day and night to make this a reality”.

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