Muhyideen Jimoh - News Agency Of Nigeria

Muhyideen Jimoh
May, Wed, 2025

Sukuk, rewarding instrument to diversify investment portfolio—-Uwaleke

By Kadiri Abdulrahman

A professor of Capital Market at the Nasarawa State University in Keffi, Uche Uwaleke, says Sukuk is the route to go by the Federal Government in obtaining project-tied credit facilities.

Uwaleke, who is also the President of Association of Capital Market Accaremics, said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

He spoke against the backdrop of the recent issuance of N300 billion Sukuk by the Debt Management Office (DMO).

According to Uwaleke, the issuance of N300 billion Sukuk by the DMO on behalf of the Fededal Government is highly commendable.

“Recall that when the Federal Government first entered the Sukuk market in 2017, only N100 billion worth of Sukuk was issued.

“So, the current one represents an improvement as investors are given more room to diversify their portfolio.

“I am particularly happy that the government is upscaling the use of Sukuk in plugging the infrastructure gap in Nigeria.

“The advantage that Sukuk has over the conventional bond is that it is asset-backed,” he said.

Uwaleke said that Sukuk proceeds must be tied to infrastructure which is why proceeds have been applied to road construction.

“Given that it is an infrastructure based bond, Sukuk represents a critical instrument for Nigeria’s economic development,” he said.

The expert, however, said that the Sukuk market size in Nigeria was still very small despite the potentials

He urged governments, both at the federal and subnational levels to utilise more of Sukuk when raising funds from the domestic capital market considering the huge infrastructural gap in the country.

“It is by so doing that government borrowing can be more impactful and also work to reduce the country’s debt burden,”he said.

NAN reports that the DMO had on Monday hosted an investor meeting for the issuance of N300 billion series seven Sovereign Sukuk in Abuja.

The Director-General of the DMO, Patience Oniha, said that since inception in 2017, Sukuk had become a product of choice for non- interest investors in the capital market.

According to Oniha, the acceptance of the Sukuk is an attestation of one of the major roles of the DMO to develop the domestic capital market, while also raising funds for the Federal Government.

She said that the Federal Government had been able to raise a total of N1.09 trillion through the Sovereign Sukuk since 2017, to support infrastructure development.

The director-general said that for the seventh series, the plan was to raise N300 billion to be used to further finance capital projects.

She recalled that the first Sukuk was issued in September 2017, adding that after extensive marketing, the offer, which was for N100 billion with a tenor of seven years received a total subscription of N105.878 billion.

She said following the modest success of the first Sukuk and the achievement recorded from Sept. 2017 to Dec. 2023 when the last Sukuk was issued, the DMO had raised a total of N1.09 trillion.

“With this amount, more than 4,100 km of roads and nine bridges across the six geo-political zones in NIgeria and the Federal Capital Territory (FCT) have either been constructed or rehabilitated, ” she said.

Oniha said that the projects had brought substantial benefits, including reduced travel time improved road safety and job creation.

She said that the projects also created improved access to markets for remote farmers, increased access to public services like education and healthcare, and economic development as a whole.

“In addition to those benefits, other reasons for the sustained issuance are the fact that the Sukuk is project-tied, promotes financial inclusion and contributes to the development of the domestic financial market,” she said.

She said that the Sukuk had been well accepted as demonstrated by the level of subscription received in the past.

“Investors get fulfillment of contributing to infrastructure development, and also get a return in terms of income which is paid every six months,” Oniha said.

She said that financial advisers play a crucial role in the issuance of Sovereign Sukuk, assisting the Federal Government of Nigeria through DMO.

“Their responsibilities include advising on the structure of the Sukuk, managing the offering process, and facilitating investor participation,” she said.(NAN) (www.nannews.ng)

Edited by Sadiya Hamza

Minister urges maritime agencies to avoid task duplication

Muhyideen Jimoh
May, Wed, 2025

Economy/Business

Minister urges maritime agencies to avoid task duplication

By Diana Omueza

Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy, has urged the various agencies in the marine sector to align priorities and eliminate task duplication to advance the sector.

Oyetola said this on Tuesday in Abuja at the 2025 two-days Sectoral Retreat for Top Management of the ministry and its agencies.

He said that it was imperative for the agencies in the marine sector to focus on strengthening inter-agency coordination and work as a single ecosystem.

“Let me reiterate four strategic imperatives that must guide our efforts going forward; we must eliminate duplication, align priorities, and work as a single ecosystem.

“Adoption of technology and data-driven management from port operations to fisheries monitoring; we must deploy tools that improve efficiency and transparency.

“All our interventions must adhere to the principles of accountability, due process, and value for money.

“The marine environment is not an infinite resource, we must safeguard it through regulation, education, and enforcement,” he said.

The minister urged stakeholders at the retreat to critically assess the current position of the sector, identify areas of concern and set paths to ensure disciplined execution and measurable outcomes.

According to him, the retreat is beyond administrative formality but a crucial opportunity to evaluate the sector’s direction and to reposition it for impactful delivery in line with national expectations.

He said that the Federal Government had positioned marine and blue economy at the forefront of its growth agenda, expecting significant strides in its development.

He said that it was the responsibility of the agencies and stakeholders to meet those expectations by setting high standards for the sector, raising its performance across all areas.

Oyetola listed the ongoing modernisation of port infrastructure and systems, steady improvements in port operational efficiency, early-stage implementation of the National Single Window platform amongst others as achievements that should be consolidated.

“Most significantly, the Federal Executive Council has approved the National Policy on Marine and Blue Economy.

“This is a foundational policy document that sets out our vision, priorities, and responsibilities for the sector’s long-term development.

“It provides the framework upon which all future initiatives, regulations, and investments must be anchored.

“As we move into the implementation phase, the burden of delivery rests squarely on the leadership of the ministry and its agencies,” he said.

The minister said that the strategic thrust of the policy must be fully internalised.

According to him, they should be translated into well-prioritised programmes, institutional coherence, and measurable outcomes that align with national expectations and reflect the aspirations of Nigerians.

Mr Olufemi Oloruntola, the Permanent Secretary of the ministry, described the retreat as an opportunity to strengthen the effective interplay between agencies leadership and the management of the ministry4.

This, he said was essential to the delivery of collective mandates.

“While the minister sets the strategic direction, it is our task as senior management to translate that direction into measurable progress driven by discipline, collaboration and a sense of responsibility.

“Equally vital to our success is the role of directors in the ministry who constitute the core of our management structure.

“Their responsibility in ensuring internal alignment, administrative efficiency, and seamless coordination with our agencies cannot be overstated.

“As we work to realise the minister’s vision, it is this internal machinery that must function at full strength to ensure consistency, clarity, and cohesion in our operations,” he said.

The permanent secretary said that it was time to focus on translating the marine and blue economy policy into real, measurable outcomes.

He commended the heads of agencies for their readiness to lead within their institutions and to cascade obligations throughout their teams.

He urged them to identify barriers, propose solutions for strengthening inter-agency synergy, and define actionable steps that would position the marine sector as a major driver of national development, in alignment with global trends.(NAN)(www.nannews.ng)

Edited by Constance Athekame/Kadiri Abdulrahman

Muhyideen Jimoh
May, Tue, 2025

Sports

Visa delay: Embassy seeks China-Nigeria sports communication channel

By Muhyideen Jimoh

The Chinese Embassy in Nigeria has called for enhanced collaboration with the National Sports Commission (NSC) and the establishment of a China-Nigeria sports communication channel to foster seamless partnership in the sector.

The Culture Counselor of the Chinese Embassy Yang Jian Xing, made the call on Tuesday in Abuja when he paid a diplomatic visit to the leadership of the NSC.

The News Agency of Nigeria (NAN) reports that the visit is coming in the aftermath of the visa delay from the Chinese embassy that led to Team Nigeria withdrawing from the World relays in Guangzhou, China.

Xing expressed regrets over the visa challenges and pledged China’s commitments to the country’s vision for sports development.

” I want to describe what has happened as an accident and we are sorry and we regret it in its entirety.

“We are here to let the Sports Commission know that the Chinese Government holds Nigeria in high esteem, he said.

He said that China was desirous of boosting diplomatic ties with Nigeria in the sports sector and other areas of mutual interest.

” We are open to better collaboration with the National Sports Commission to boost diplomatic ties of both China and Nigeria in terms of Sports Training and Exchange programmes”.

” Once again, I want to assure you that from next time we will try our best for this not to repeat itself again and we will also like to create a special channel for a China and Nigeria Sports Communication”, he added.

Earlier, the NSC Chairman, Shehu Dikko commended the move to visit the commission while stressing the need for better collaboration going forward.

” We are very happy to receive officials from the Chinese Embassy in our office today (Tuesday).

“It shows the Chinese Government genuine disappointment for what happened which for us is a huge sign of better things to come between both countries especially in Sports.

” We should at all times try to create positives out of things like this and we are happy that this has further strengthened our relationship with the Chinese Embassy, Dikko said.

The Director-General of the NSC, Bukola Olopade in his remarks reiterated the commission’s desire to build stronger sporting ties with China.

He said the incident of the visa glitch should serve as a springboard to a more robust working relationship between both countries.

” Your humility and diplomacy is the best I have seen anywhere and I am very grateful that you best described the incident between the AFN, the commission and your embassy as an accident.

“We have all agreed to take it as such and move forward to better things”.

” I want to thank you for everything and for the request for exchange programmes and training for our media and Sports men and women.

“This is truly worthy of note . We are looking forward to a bigger and better relationship between Nigeria and China,” Olopade said. (NAN)(www.nannews.ng)

Edited by Joseph Edeh

Economic growth: FG committed to comprehensive tax reforms — Tinubu

Muhyideen Jimoh
May, Tue, 2025

Economy/Business

Economic growth: FG committed to comprehensive tax reforms — Tinubu

By Nana Musa

President Bola Tinubu has reiterated his commitment in undertaking bold and comprehensive reforms to reposition the country’s fiscal architecture for resilience, inclusiveness and economic growth.

Tinubu said this during the 27th Annual Chartered Institute of Taxation of Nigeria (CITN) Tax Conference in Abuja on Tuesday.

The theme of the conference was, “Taxation for development, policies, law and implementation”
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Tinubu, who was represented by the Minister of State for finance, Dr Doris Uzoka-Anite, said that the central pillar of the reforms was taxation.

”I believe that a robust, transparent and fair tax system is essential not only for financing government operations but also for creating an environment of accountability, stability and long-term development.

”Accordingly, the government has taken deliberate steps to restructure and modernise our tax administration and legal framework.

”In this regard, the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms marked a significant turning point,” the president said.

According to him, the committee was tasked to simplify the tax system, broadening the tax base, curb leakages and ensure alignment between fiscal policy and national development objectives.

“Members of the committee worked tirelessly to achieve their mandates, which includes addressing issues of multiplicity of taxes and improving coordination between the federal, state and local government tax authorities.

“The federal government also pushed forward with the Economy Stabilisation Bill, which has now also been passed,” he said.

He said that the success of any reform depended on implementation, adding that the conference presented an opportunity for all stakeholders to explore how policies and laws can be translated into practical and measurable outcomes.

“This is s also an occasion to discuss solutions to long-standing issues such as taxation, informal sector integration, fiscal federalism and equity in taxation.

“As tax professionals and policy makers, you are the custodians of Nigeria’s tax future.

“I, therefore, urge you to leverage this platform to engage meaningfully, challenge assumptions and craft pathways that will strengthen our tax institutions, boost revenue and ultimately improve the lives of Nigerians,” Tinubu said.

The Vice President, Sen. Kashim Shettima, said that the theme was an evidence that the CITN acknowledges the centrality of government revenue generation in the achievement of growth and development for any country.

Shettima was represented by the Special Adviser to the President on Economic Affairs under the Office of the VP, Dr Tope Fasua.

He said that the focus on the tax aspect of revenue conferred a dual responsibility on the taxpayer and the tax administrator (government.

“Taxation is crucial to the achievement of economic development.

“We hope to listen to ideas at this conference around how to ensure that a stakeholder’s view is taken right from the policy enactment stage up to the point of implementation.

“This is bearing in mind that taxation is a continuous affair, and legitimacy is conferred by the delivery of service to taxpayers.

” The need for a stakeholder point of view is why the Presidential Committee of Fiscal Policy and Tax Reforms is made up of professionals from diverse walks of life,” hhe said.

The 16th President of the CITN Council, Mr Samuel Agbeluyi, said that tax was an important factor in every economy.

Agbeluyi said that taxation was not merely a tool for revenue generation but a powerful instrument for promoting equity, redistributing wealth, incentivising growth and funding public services.

“However, for taxation to truly serve these developmental goals, policy formulation, legal framework and implementation mechanisms must be harmoniously aligned.

“When policy is progressive, the law is enabling and implementation is both efficient and equitable.

“The result is a tax system that engenders trust, encourages voluntary compliance and delivers shared prosperity,” Agbeluyi said.

He said that Nigeria faced significant challenges from economy to security and social dimensions, adding that there was a dire need for sustainable solutions.

“At the heart of these solutions lies our tax system.

”In this regard, one cannot overlook the commendable effort by the Tinubu-led administration.

“The work of the Presidential Committee on Fiscal Policy and Tax Reforms reflects a resolute commitment to charting a course for sustainable socio-economic development through effective and efficient taxation system,” he said.(NAN) (www.nannews.ng.com)

Edited by Kadiri Abdulrahman

ITF certification: NTF boss commends Nigeria’s feat

Muhyideen Jimoh
May, Tue, 2025

Sports

ITF certification: NTF boss commends Nigeria’s feat

By Victor Okoye

Ifedayo Akindoju, the President, Nigeria Tennis Federation, has felicitated with three Nigerian tennis referees, following their certification by the International Tennis Federation (ITF) as White Badge Referees.

The News Agency of Nigeria (NAN) reports that the trio of Joseph Edili, Bitrus Danjuma, and Folashade Ogunshola achieved the feat on April 27 in Abidjan, Cote d’Ivoire

Akindoju gave the commendation during a reception/dinner organised by the NTF in their honour on Monday night in Abuja.

He commended the referees for making the federation and the country so proud, noting that what they had achieved was no mean feat.

“Let me use this opportunity to congratulate you all for returning successfully with the seal of approval from the ITF as the significance of your achievements can not be overemphasised.

“I know how tough the journey was to obtaining the White Badge certification. You underwent rigorous training and evaluation, showcasing your knowledge and skills in tennis officiating.

“This certification now enables you to officiate at higher-level tournaments, including ITF World Tennis Tour events,” he said.

The president stressed that their achievements would have a positive impact on Nigerian tennis, adding that it would enhance officiating standards, promote tennis development as well as inspire young officials in the country.

“The certification of Nigerian referees will improve the quality of officiating in local and international tournaments held in Nigeria.

“By having certified referees, Nigeria can attract more international tennis events, promoting the growth of tennis in the country.

“The achievement of these referees will motivate young officials in Nigeria to pursue certification, further developing the sport,” he said.

He said that the Federation was committed to promoting and encouraging more referees to pursue their goals and reach the pinnacle of their career.

He added that NTF’s recognition of the referees’ achievements demonstrates its commitment to promoting tennis development and excellence in Nigeria.

Efe Okwagbe, Chairman of the Nigeria Tennis Umpires Association (NTUA), thanked the NTF president for honouring the referees, adding that it was a gesture the association would not take for granted.

“I want to sincerely thank our president for always finding time to share in our joy and challenges.

“We are not taking it for granted, and we appreciate your dedication to the growth and development of our referees in the country,” he said.

He also appealed to the president to extend the working days of the referees during tournaments and also engage the services of the newly certified ITF referees for upcoming international tournaments in the country.

“Over the years, I have noticed that the days the referees work during tournaments are the same with the chair Umpires.

“I think there is a need to take it a step further because they usually come one or two days ahead of time and stay even beyond the closing date of the event, as they still need to do alot of work with the ITF.

“So, I am making a formal appeal to the NTF president that when we present a request for two additional days for the referees, it should be graciously granted.

“Secondly, over the years, we invite foreign referees to Nigeria, and we have a couple of events just around the corner.

“I suggest that if possible, we can use our newly certified ITF referees for the next J30 event coming up in June,” he said.

He also thanked Edmund Ajoge, the Managing Director of Tombim Services Ltd., and a renowned patron of NTUA for his continued support to the association and efforts at promoting tennis development in Nigeria.

He said that Ajoge’s efforts had not only elevated the standard of tennis in Nigeria but also inspired other sponsors to support the sport.

“His commitment to developing tennis in Nigeria is evident through his consistent support of tournaments, players, and umpires, making him a valuable Patron of NTUA,” he said.

NAN reports that earning a ITF White Badge is a major milestone for tennis officials, as it grants international recognition and qualifies them to officiate at global tournaments under the International Tennis Federation.(NAN) (www.nannews.ng)

Edited by Sadiya Hamza

DMO targets N300bn in series seven Sukuk issuance

Muhyideen Jimoh
May, Mon, 2025

Economy/Business

DMO targets N300bn in series seven Sukuk issuance

The Debt Management Office (DMO), on Monday hosted an investor meeting for the issuance of N300 billion series seven Sovereign Sukuk issuance in Abuja.