60
Table 3.11: A Snapshot of Selected Sukuk Issuances by African Countries
Osun State of
Nigeria
Nigeria Senegal South Africa Cote d-Ivoire
(Ivory Coast)
Togo
Sukuk Issuer Osun Sukuk
Company Plc
FGN Roads Sukuk
Company 1 Plc
FCTC Sukuk Etat du
Senegal
ZAR Sovereign
Capital Fund
Proprietary Ltd
FCTC FCTC
Originator/
Obligor
State Government of
Osun, Nigeria
Federal Government
of Nigeria
Government of
Senegal
Government of
South Africa
Government of Ivory
Coast
Government of Togo
Currency Format Naira Naira CFA US dollar CFA US dollar
Structure Ijarah Ijarah Ijarah Ijarah Ijarah Ijarah
Sukuk Rating(s) Bb+ (Agusto & Co),
A (Agusto & Co)
Not rated Not rated BBB- (S&P), Baa1
(Moody’s), BBB
(Fitch)
n/a n/a
Sukuk Asset(s) Elementary, middle
and high schools
Public road Usufruct of 3
buildings
Usufruct of
government land
Usufruct of 2
building complexes
in Abidjan
n/a
Purpose Construct schools Finance road
projects
Finance economic
and social
development projects
Repay maturing
debts
Finance
development
projects
Finance
development
projects
Issuance Date 10 October 2013 22 September 2017 18 July 2014 September 2014 21 December 2015 10 August 2016
Tenure 7 years 7 years 4 years 5 years 9 months 5 years 10 years
Maturity 10 October 2020 22 September 2024 18 July 2018 17 June 2020 21 December 2020 10 August 2026
Amount Naira11.4 billion Naira100.0 billion CFA100.0 billion USD500.0 million CFA150.0 billion CFA150.0 billion
Periodic
distribution
14.75% 16.47% 6.25% 3.90% 5.75% 6.5%
Listing Nigerian Stock
Exchange
Nigerian Stock
Exchange, FMDQ
OTC Securities
Exchange
Regional Securities
Stock Exchange
Luxembourg Stock
Exchange
West Africa bourse Bourse Régionale
des Valeurs
Mobilières
Geographical
Distribution of
Investors
Domestic investors Domestic investors West Africa (74%),
Middle East (24%),
Central Africa (1%),
Europe (1%), North
Africa (0.1%)
Middle East and
Asia (59%), Europe
(25%), US (8%),
Others (8%)
West Africa (56%),
Middle East (38%),
North Africa (8%)
n/a
Sources: Islamic Finance News (March 2016), Thomson Reuters (October 2016), Lexology (January 2017)