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SPV issuer Osun Sukuk Company Plc FGN Roads Sukuk Company 1 Plc
(iv) South East: 4 projects costing Naira
16.67 billion: rehabilitation of the
Onitsha-Enugu expressway and the
Enugu-Port Harcourt road (Sections 1-
3)
(v) South South: 5 projects costing Naira
16.67 billion: rehabilitation of the
Enugu-Port Harcourt road (Section 4),
dualization of the Yenegwe road
junction-Kolo-Otuoke Bayelsa Palm, and
dualization of the Lokoja-Benin road
(Sections 2-4).
(vi) South West: 3 projects costing Naira
16.67 billion: reconstruction of the
Benin-Ofosu-Ore-Ajebandele-Shagamu
dual carriageway (Phases 3 and 4), and
dualization of the Ibadan-Ilorin road
(Section 2)
Facility tenure 7 years 7 years
Issuance date 10 October 2013 22 September 2017
Maturity date 10 October 2020 22 September 2024
Amount Naira11.4 billion Naira100.0 billion
Profit rate 14.75% 16.47%
Order book Fully subscribed Oversubscribed more than 5.8%
Listing NSE
FMDQ
NSE
FMDQ
Sources: Prospectus of Osun Sukuk Company Plc, Prospectus of FGN Roads Sukuk Company 1 Plc
The positive outcomes of these sukuk issues are underpinned by the reforms and
infrastructure that have been incorporated into Nigeria’s regulatory framework and capital
markets. Table 4.34 provides a brief description of the initiatives undertaken by the FGN in
developing its ICM, particularly sukuk.
Table 4.34: Timeline of the Development of Nigeria’s ICM/Sukuk Market
Year Timeline description
2008  The first halal investment established by Lotus Capital Ltd.
2010  The SEC issued Rules on Islamic Fund Management
2011  The CBN issued Guidelines for the Regulation ad Supervision of NBFIs
2012  The Lotus Islamic Index was set up in the NSE to track selected Shariah-compliant equities
 The SEC issued Rules on Sukuk
2013  The FIRS issued Guidelines on Tax Implications of Non-Interest Banking in Nigeria
 The CBN inaugurated the Financial Regulation Advisory Council of Experts (FRACE) to provide
advice on Shariah compliant matters
 The issuance of Nigeria’s first sukuk: the State Government of Osun Naira 11.4 billion ijarah
sukuk
2015  The SEC launched the NICMP Master Plan
2016  The CBN issued Guidelines for Granting Liquid Asset Status to Sukuk Instruments Issued by State
Governments
2017  PENCOM issued guidelines on investment by the Pension Fund Administrator
 The issuance of Nigeria’s second sukuk, the FGN ₦100.0 billion ijarah sukuk
Sources: SEC (2015b), CBN, SEC, PENCOM