Three federal ministries will benefit from 2021 sovereign Sukuk funds – DMO

This was disclosed on Monday in Abuja by Director-General of the DMO, Patience Oniha at an investor meeting for the 2021 Sukuk .

Oniha said that the proceeds would go into upgrading some roads in the Federal Capital Territory through the FCTA and the Niger Delta through the Ministry of  Niger Delta Affairs.

However, she added that a chunk of the proceeds would still go into upgrading critical road infrastructure across the country, through the Federal Ministry of Works and Housing.

“The funds would be used for economic roads identified by the Federal Ministry of Works and Housing,  the FCTA and the Ministry of Niger Delta Affairs, ” she said.

She urged Nigerians to take advantage of the opportunity to invest in the offer as it guaranteed good return on investment.

Oniha said that the last three Sukuk offers were over subscribed, an indication that the model had become acceptable to Nigerians.

According to Oyeniyi Azeez, Director, Infrastructure Development in the Niger Delta ministry,  the proceeds allocated to the ministry would  be used to complete portions of the East-West Road, which  cuts across the region.

“We are delighted to be part of this Sukuk funding, ” he said.

Mr Yiltong David, Deputy Director, Highway Planning and Development, the Federal Ministry of Works and Housing, said that the Sukuk funds would assist the ministry complete some of its ongoing road projects.

“About ten roads will be completed next year.  The proceeds of this Sukuk are targeted at roads labelled A1 to A9.

“The Sukuk funding has been very helpful and if you travel across the country,  the results of Sukuk are evident on our roads, ” he said.

The News Agency of Nigeria (NAN) reports that the meeting provided an opportunity for interaction between the DMO, its financial advisers, the benefiting federal ministries and the issuing houses.