Babatunde Fashola, former minister of Power, Works and Housing has called on for the introduction of a new N10trillion Sukuk bond to tackle Nigeria’s crumbling infrastructural during his ministerial screening on Monday.
“There is some opportunity is to expand instrument like the Sukuk. We should consider something like a 10 trillion infrastructural bond issued in tranches to fund infrastructure and people can invest to address infrastructural challenges,” Fashola said.
A Sukuk is an investment certificate that represents the ownership interest of the holder in an asset or pool of assets. The certificate entitles the holder to receive income from the use of the assets. It is similar to a bond but differs slightly due to the absence of interest.
Fashola’s appeal is borne out of the success of Nigeria’s first N100 billion 7-year 15.74 percent Sukuk offer issued in 2017 which received over N132 billion subscriptions from 2,073 investors according to the Debt Management Office (DMO).
Isaac Anyaogu is an Assistant editor and head of the energy and environment desk. He is an award-winning journalist who has written hundreds of reports on Nigeria’s oil and gas industry, energy and environmental policies, regulation and climate change impacts in Africa. He was part of a journalist team that investigated lead acid pollution by an Indian recycler in Nigeria and won the international prize - Fetisov Journalism award in 2020.
Mr Anyaogu joined BusinessDay in January 2016 as a multimedia content producer on the energy desk and rose to head the desk in October 2020 after several ground breaking stories and multiple award wining stories. His reporting covers start-ups, companies and markets, financing and regulatory policies in the power sector, oil and gas, renewable energy and environmental sectors
He has covered the Niger Delta crises, and corruption in NIgeria’s petroleum product imports.
He left the Audit and Consulting firm, OR&C Consultants in 2015 after three years to write for BusinessDay and his background working with financial statements, audit reports and tax consulting assignments significantly benefited his reporting.
Mr Anyaogu studied mass communications and Media Studies and has attended several training programmes in Ghana, South Africa and the United States
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