Breaking News

Road projects: Group expresses concern over conditions to access Sukuk Bond

Nigerian Civil War and Genocide Research Network, has expressed concern that the Federal Government refused to tell Nigerians the condition under which the Sukuk Bond is being accessed for the purpose of constructing roads, promised by President Muhammadu Buhari in his new year message.

The Honourable Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola; Honourable Minister of Finance, Mrs. Kemi Adeosun and Permanent Secretary in the Ministry of Power, Works & Housing, Engr. AG. Magaji, during the presentation of N100billion Sovereign Sukuk Bond proceeds cheque by the Finance Minister on Thursday, October 5, 2017 in the Conference Room of the Federal Ministry of Power, Works & Housing, Abuja. File photo

Coordinating Director/ Director of Public Affairs, World Igbo Summit Group, WISG, Dr. Nwankwo Nwaezeigwe,  in a statement, yesterday said: “In his message,  the President informed Nigerians that 25 major federal highways will be rehabilitated with funds from the Islamic Sukuk Bond, amounting to N100 billion. According to him, each geo-political zone will be given N16.67 billion for the purpose of the said rehabilitation.

“Our concern here is that the Federal Government has refused to tell Nigerians the condition under which the Sukuk Bond is being accessed for the purpose of constructing our roads, given the character of the bond as a non-profit finance organisation (so to say) in Islamic parlance.

“Nigerians, therefore, want the Federal Government to tell them the conditionality under which the Bond is being accessed.

“We are also aware that two principal aspects of the Sukuk conditionality is that a: It must be Sharia compliant and b: It is not only based on profit-sharing arrangement but also on joint-ownership. Is the government, therefore,  telling Nigerians that their ancestral highways are being mortgaged on the basis of joint ownership for the benefit of Islamization?

“Nigerians are yet not informed of the condition under which the Bond will be re-paid given the non-profit generating character of our highways. Is it going to be on the basis of tolling of our highways or by sourcing from our already troubled petroleum resources? What actually is the ration of the profit-sharing arrangement?

“These are some of the issues bordering on the secularity of the Nigerian nation, which we want the Federal Government to address first before instituting the Sukuk Bond, otherwise we will take as a project of islamization, which totally contravenes the provisions of the Federal Republic of Nigeria as well as an absurd contradiction of the secularity of the Nigerian nation.”

“Secondly,  we totally condemn the projected construction of railway from Kano in Nigeria to Maradi in Niger Republic. For us, this is absurd with no economic utility, but rather an attempt to bring about a detestable traffic of economic liability, Islamic fundamentalism and solicited electoral banditry. We request that the project be suspended till Nigerians are better fed with good and efficient railway network.

“Finally,  we totally condemn the grave-yard silence of Nigeria’s Christian leadership and prominent Christian Men of God over the grave danger posed by this obvious policy of islamization and stealth-jihad. It is regrettable that our Church leaders will daily mount their pulpits to preach the salvation of heaven and eternal life while their members are not even sure of the safety of their lives on earth by facing the obvious threat of extermination.

“It is therefore,  our divine commission to decree today that any Nigerian Church leader or Pastor who fails to show overt concerned over this project of islamization and stealth-jihad stands to face the eternal judgment of God Almighty for abandoning their flocks to the danger of Islamic wolves within,” the statement added.




Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.