IslamicFinance.de

The #Nigerian Debt Management Office (DMO) is accessing the local market for N100 billion through Sukuk. The first Nigerian Sukuk is a 7-year tenor debt instrument and will go on sale from June 28, 2017, for three days via book building. It will be traded on the Nigerian Stock Exchange (NSE) and the FMDQ Securities Exchange OTC platform. The bond will target retail and institutional investors, while First Bank and Islamic wealth manager Lotus Capital will act as managers for the sale. According to DMO, the introduction of Sukuk is not only a way of raising capital for the government and promotion of greater financial inclusion, it is also part of the plan to fast track infrastructure development. The current manager of DMO, Dr. Abraham Nwankwo will be leaving office at the end of June and the Sukuk issuance is seen as his parting gift.

Nigerian CEOs have hinged the achievement of Sustainable Development Goals (SDGs) on partnership by businesses. This was stated by CEO of the Sahara Group, Tonye Cole, who delivered a keynote address at the CEO roundtable organised by First Bank of Nigeria in Lagos. Adesola Adeduntan, managing director of FirstBank, said the bank had put in place an environmental, social and governance management system to drive responsible lending and its commitment to financial inclusion. The bank CEO noted that engagement through programmes included over 16 executive education programmes, organised 16 workshops and three international conferences. The bank also empowered over 3,000 Small and medium Enterprises (SMEs). He called on business leaders to consider such partnership for the enhancement of sustainable development.