Patience Oniha

EXCLUSIVE: #SUKUK funds intact; Why we have not paid contractors – Nigerian govt

To confute speculations about the N100 billion Sukuk, the Nigerian government said the money was intact in the appropriate account opened for it at the Central Bank of Nigeria. The Minister of Finance, Kemi Adeosun, earlier said the fund will be used to finance the construction of 25 key road projects across the county’s six geo-political zones. She said each of the zones was to benefit about N16.67 billion for road projects in their respective domains. After a month no money has been disbursed to contractors to start the construction works, which fuelled speculation that the money may have been diverted by the government. Director of the Debt Management Office, Patience Oniha, said the Sukuk was not available to government for general spending purposes, but went directly into the account opened for it. Although she did not say the exact time the process for the disbursement will be completed, she assured that once the contractors fulfil the requirements, the disbursement of the money would commence.

FG starts pre-offer #road #show for #N100bn #Sukuk

In Lagos, the Debt Management Office started a national road show last week in preparation for the issuance of the much awaited N100bn non-interest bearing Sukuk bond.
The Office said in a statement, that the road show led by the Director-General, Ms Patience Oniha, would also be held in Kano, Kaduna and Port Harcourt. It said the team would be accompanied by its financial advisers, Lotus Capital Financial Services Ltd. and FBN Merchant Bank Plc.
The road show is to create awareness about the sovereign Sukuk and sensitise target investors about its features and benefits. The Office had announced its intention to issue a sovereign Sukuk in the domestic market as part of measures to fund the 2017 budget deficit.

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