Fashola Commends Sukuk Investors as Adeosun Presents Cheques

Minister of Power Works and Housing, Mr. Babatunde Fashola SAN, has received the cheque of N100Billion proceeds of the just concluded Investments Certificates (SUKUK) for Road Infrastructure across the country commending investors for their demonstration of confidence in the nation’s economy.

At the cheque presentation ceremony at the Conference Room of the Ministry of Power, Works and Housing, Abuja, Fashola charged contractors working on the roads being financed with the SUKUK proceeds to reciprocate the gesture of the Federal Government which, according to him, had worked assiduously to ensure that funds were raised to pay them.

Recalling his meeting recently with the contractors where he promised that the roads would be appropriately financed, the Minister declared, “For me, I would only ask you to reciprocate the kind gesture”, adding that a lot of efforts and collaboration were put into the project to make it successful.

He thanked the Minister of Finance, Mrs Kemi Adeoshun, the Debt Management Office (DMO), other agencies and individuals who worked to make the programme suc- cessful as well as all the investors in the SUKUK for showing confidence, “not only in the instrument but also in the Nigerian economy.”

In her remarks before the presentation, the Minister of Finance, Mrs Kemi Adeosun, who described the SUKUK as yet another demonstration of the present administration’s readiness to embrace new developments in the financial sector, said Nigeria was not the only nation that had embraced such financial window, adding that South Africa and Britain had also used the SUKUK window.

The Minister, who expressed gratitude to all the investors in the Investment Certificates, which, according to her, was oversubscribed by N5.6 billion, said it showed the level of confidence and readiness of Nigerians to invest in the building of the nation.

Thanking the Minister of Power, Works and Housing for identifying the road projects covered by the SUKUK, which she described as critical to the economy of the country, Adeosun, who said the SUKUK programme was “all about inclusion”, added that the investment would unlock the potential in the nation’s economy.