Breaking News

Osun begins Interview for shortlisted Teachers across the State | Governor Adeleke Tasks Political Class on Delivery of Good Governance. | I am not under any administrative bail of EFCC for diverting local govt funds under Ex Gov.Aregbesola or for any other offence – Oluomo Kolapo Alimi. | No N300m Scandal in Osun Government – Adeleke’s Spokesperson. | Akinlalu Killings: Governor Adeleke Commends Police Investigation, Canvasses Rule of Law. | GOVERNOR ADELEKE FELICITATES ALAWO OF AWOLAND ON HIS BIRTHDAY. | YOU ARE A RARE GEM”, GOVERNOR ADELEKE HAILS CoS, AKINLEYE. | GOVERNOR ADELEKE MOURNS PASSING OF EX-DIPLOMAT, DR. CHRISTOPHER KOLADE AT 93. | Banditry: Governor Adeleke Speaks on Osun Internal Security: | ADELEKE VOWS TO APPREHEND AND PROSECUTE THE PERPETRATORS OF AKINLALU’S KILLING. | GOVERNOR ADELEKE CELEBRATES PRINCE KOLAWOLE ADEWUSI ON HIS BIRTHDAY | Osun Government Says Governor Adeleke did not Grant Clemency to a Murderer, Accuses Insightinks of Peddling Fake NewsOSOGBO-4/10/2025 -Osunstate.gov.ng | GOVERNOR ADELEKE GREETS EX-DEPUTY SPEAKER, LASUN YUSUF AT 65. | Governor Adeleke Orders Full Investigation into Akinlalu Incident, Despatches Government Delegation. | GOVERNOR ADELEKE CELEBRATES GENERAL ALANI AKINRINADE AT 86 | Governor Adeleke Grants Amnesty to 36 Convicts to Mark Nigeria’s Independence Day. | Nigeria @ 65: Governor Adeleke Harps on Rule of Law & True Federalism. | GOVERNOR ADELEKE CELEBRATES REP SALAM AT 56. | GOVERNOR ADELEKE MOURNS PASSING OF ARISE TV ANCHOR, SOMTOCHUKWU MADUAGWU. | GOVERNOR ADELEKE MOURNS PASSING OF GRAND KHALIFAS OF TIJANIYAH IN OSUN AND KWARA | GOVERNOR ADELEKE GREETS ALHAJI FATAI DIEKOLA AT 69.
Sukuk bond – 1b
Webmaster October 11, 2013

Osun Successfully Completes N11.4 Billion Sukuk Bond, Aregbesola Commended For Exploring New Development Options

Sukuk bond - 1bThis landmark achievement was wrapped up in Osogbo, the state capital yesterday. According to the issuing houses, the sukuk was said to by the first Islamic bond in sub-Saharan African.
In attendance during the document signing ceremony was the Governor of the state, Ogbeni Rauf Aregbesola; the Deputy Governor of Ogun State, Mr. Segun Adesegun and the entire state cabinet.
The sukuk bond was issued in accordance with enactment of the Osun State Bonds, Notes and Other Securities Law 2012 and setting up the Osun Sukuk Company Plc. Though Islamic in nomenclature, the sukuk bond was a conventional bond and coordinated by the regular investors in the nation’s capital and money market
The bond was issued in accordance with the Security and Exchange Commission’s rules and regulations. The N14. 4 billion sukuk (14. 75 percent) fixed return tranche 2 has 42 investors with Lotus Capital Limited as the leading issuing house and Augusto and co, one of Nigeria’s leading rating agencies, as the rating agent.
The bond, which would be used to finance roads and school constructions across the state, is due in 2020. While authorising and approving the offer at the board meeting for the Sukuk Company, Aregbesola said his government took the sukuk bond as an opportunity for the development of the state.
Aregbesola appealed to the people to see the bond as an avenue to attract development to the state for the benefit of all and sundry.
“The Sukuk bond is a veritable avenue for us to access capital to develop our state.
We want our people to also see this opportunity that opens to us as such.
“In name the bond is Islamic but it has the conventional bonds’ characteristics and is coordinated by the regular capital and money market investors.
“Out of the 42 investors, only one of them (Jaiz Bank) is Islamic and the name sukuk is just a nomenclature. The investors are regular Nigerians,” the governor said.
The Commissioner for Finance, Budget and Economic Planning, Dr. Wale Bolounduro, described the sukuk as a unique product.
Bolounduro said this bond makes it possible for the first time in Nigeria for a government to open itself up to the capital market in transparent manner.
He said the landmark achievement has offered government of the state opportunity to optimise capital for business purposes.
The chairperson of Lotus Capital, Hajara Adeola said the bond was successful and over-subscribed.
She said the sukuk’s success represents a clear vote of confidence in Governor Aregbesola’s administration, the State of Osun and its people.
Adeola said the governor had become unique for his penchant for exploring novel ways of doing things adding that the sukuk represented  another instance of Aregbesola exploring new ways of seeking for the development of the state.
 

Leave a Reply

Your email address will not be published. Required fields are marked *