Presentation of N100 Billion DMO Sovereign SUKUK; Each Geo- Political Zone to Receive About N16.67Billion, 25 Road Projects to Benefit The much –awaited N100 billion Debt Management Office (DMO) subscribed Sovereign SUKUK (bond) cheque has been presented to the Minister of Power, Works and Housing, Babatunde Raji Fashola, SAN by the Minister of Finance, Mrs Kemi Adeosun. While presenting the cheque, the Minister of Finance disclosed that the Sovereign SUKUK is the first of its kind to be floated in Nigeria adding that the United Kingdom and South Africa had in past used such SUKUK bonds as a financing option. 2. The Minister of Power, Works, and Housing   stated that during his maiden meeting with Contractors handling various projects for the Ministry, on assumption of duty, lack of funds and vagaries of weather were identified as major stumbling blocks to the delivery of projects. The introduction of this novel idea in project financing, apart from the annual budgetary allocation to the Works sector, is, therefore, a panacea to bridging the funding gap, according to the Minister. 3. Fashola who received the cheque, on behalf of the Contractors, hailed the over subscription of the bond as a clear demonstration of investor –confidence in the Nigeria’s economy and, most importantly, exponteneous  economic growth to be recorded with the successful delivery of the affected projects which will open vistas of economic activities.   4. The Director General of the Debt Management Office (DMO), midwife of the process, Mrs. Patience Oniha alluded the success of the offer to the support and commitment of all the parties involved, especially the unrelenting efforts of the Ministers of Power, Works and Housing, as well as, Finance. She identified it as an example of “how we, Nigerians, can make things work”, adding that the only viable option is to invest in infrastructure. 5.  The Financial Advisers to theFacility, Messrs FBN Capital and Lotus Capital, while thanking the Federal Government for the opportunity to participate in the process, assured Nigerians that the additional funding will unlock potentials for economic growth. 6. A breakdown of the 25 prioritized road projectsto benefit from the additional funds, as given by the Director, Highways, Planning and Development, Engr. Chukwunwike  Ogonna Uzo, are as follows; i. Rehabilitation and Reconstruction of Enugu-Port Harcourt Dual Carriageway, Section II (Umuahia Tower-Aba Township Rail/Road Bridge Crossing  in Abia State) - Arab Contractor Nigeria Limited,                      N3,750,000,000.00 ii. Dualization of Lokoja-Benin Road: Obajana Junction-Benin, Section I Phase I (Obajana – Okene in Kogi State) - CGC Nigeria Limited,                     N2,500,000,000.00 iii. Dualization of Kano - Katsina Road Phase I: Kano Town at Dawanau(round about to Katsina State Border with Kano State.)- CCECC (Nigeria) Limited,                     N 3,000,000,000.00                        vi. Rehabilitation Of Enugu-Port Harcourt Road Section IV,(Aba-Port Harcourt in Rivers State) - CCECC Nigeria Limited ,       N 3,500,000,000.00                        V. Dualization of Yenegwe Road Junction-Kolo - Otuoke - Bayelsa Palm in Bayelsa State. –CCECC (Nigeria) Limited,                     N 3,500,000,000.00                           vi. Dualisation of Kano-Maiduguri Road linking Kano-Jigawa – Bauchi - Yobe and Borno States,   Section V,(Damaturu -Maiduguri)- CCECC Nigeria Limited,                     N 5,000,000,000.00  vii. Dualisation of Suleja-Minna Road in Niger State, Phase II, Salini  (Nigeria) Limited,                      N3,521,958,532.49                        viii Reconstruction and Asphalt Overlay of Benin-Ofosu-Ore-Ajebandele-Shagamu Dual Carriageway Phase IV, ( Ajebandele-Shagamu) in Ondo and Ogun States) - Reynolds Construction Company (Nig) Limited, NN6,000,000,000.00                        xi. Reconstruction of the Outstanding Sections of the Benin – Ofusu – Ore –Ajebandele - Shagamu Expressway, Phase III,  Reynolds Construction Company (Nig) Limited,                     N 5,000,000,000.00                        x. Dualisation of Ibadan - Ilorin Rd Section II, (Oyo-Ogbomosho Road in Oyo State- Reynolds Construction Company (Nig) Limited,                      N5,666,666,666.67                        xi.  Rehabilitation Of Outstanding Section Of Onitsha - Enugu Expressway: Amansea - Enugu State Border - Reynolds Construction Company (Nig) Limited,                     N 5,166,666,666.67                        xii. Rehabilitation and Reconstruction of Enugu-Port Harcourt Dual Carriageway Section I,( Lokpanta - Umuahia Tower ) in Abia State,  Setraco (Nigeria) Limited ,                    N 4,000,000,000.00                        xiii. Dualization of Abuja- Abaji - Lokoja Road Section I (International Airport link Road Junction - Sheda Village Junction) - Dantata & Sawoe Construction Company (Nig) Limited,               N 3,000,000,000.00                           xiv. Dualisation of Kano-Maiduguri Road linking Kano - Jigawa –Bauchi - Yobe and Borno States,  Section I, (Kano - Wudil -Shuari) in Kano and Jigawa States-Dantata&Sawoe Construction Company (Nig) Limited,                 N5,000,000,000.00                        xv. Construction of Kano Western Bypass as an Extension of Dualisation of Kano - Maiduriguri Road Section 1-Dantata&Sawoe Construction Company (Nig) Limited ,   N 4,000,000,000.00                           xvi.  Dualization of Lokoja-Benin Road, Obajana Junction -Benin Section III Phase I, (Auchi - Ehor, Edo States) - Dantata & Sawoe Construction Company (Nig) Limited,     N 3,166,666,666.67                           xvii.  Rehabilitation Of Enugu-Port Harcourt Road Section III ( Enugu-Lokpanta, Enugu State) - CGC (Nigeria) Limited,   N 3,750,000,000.00                        Xviii Construction of Kaduna Eastern By-pass in Kaduna State -Eksiogullari Nigeria Limited,       N4,666,666,666.67                        xix Dualization of Lokoja-Benin Road: Obajana Junction-Benin Section IV, Phase I,(Ehor-Benin City, Edo States)- Reynolds Construction Company (Nig) Limited,         N 3,500,000,000.00                         xx.  Dualization of Lokoja-Benin Road: Obajana Junction-Benin Section II Phase I, (Okene-Auchi, Kogi and Edo States)-Mothercat Limited,      N3,000,000,000.00                           xxi. Dualisation of Kano-Maiduguri Road linking Kano-Jigawa-Bauchi-Yobe and Borno States.  Section II, Shuari-Azare (Bauchi State)-Setraco (Nigeria) Limited, N 4,166,666,666.67                        xxii. Dualisation of Kano-Maiduguri Road linking Kano-Jigawa-Bauchi-Yobe and Borno States.  Section III, (Azare-Potiskum, Bauchi and Yobe States) Mothercat Limited,  N3,500,000,000.00                        xxiii.  Dualization of Kano-Maiduguri Road linking Kano-Jigawa-Bauchi-Yobe and Borno States. Section IV, Potiskum-Damaturu Road (Yobe State)- CGC Nigeria Limited,  N 4,000,000,000.00                        xxiv.  Construction of Oju/Loko - Oweto Bridge over River Benue to link Loko (Nasarawa State) and Oweto (Benue State)- Reynolds Construction Company (Nig) Limited,    N 4,144,708,134.18   xxv. Dualization of Abuja - Abaji-Lokoja Road Sect. IV (Koton Karfe-Lokoja), (Kogi State)-Gitto Constrizion Generali Ltd,  N3,500,000,000.00                       7. Giving  a Vote of Thanks at the Presentation Ceremony, the Permanent Secretary, Federal Ministry of Power, Works and Housing (Works and Housing Sectors), Alhaji Mohammed Bukar expressed appreciation to the drivers of the process, while admonishing the Contractors to make judicious use of the money, insisting  that they will be closely monitored.   ...

FG Pledges Partnership with Investors to Address Housing Deficit Vice President Yemi Osinbajo says the Federal Government will partner with genuine investors in the housing sector to bridge the country’s housing deficit. Osinbajo made the pledge in Abuja on Tuesday at the opening ceremony of a Housing Summit with the theme: “Addressing Housing Stock Deficit in Nigeria: A Holistic View.” The summit was organised by the Housing Circuit Magazine in collaboration with the Senate Committee on Land, Housing and Urban Development. The vice president, represented by Mr Suleiman Hassan, the Minister of State, Power, Works and Housing assured Nigerians that the government would continue to provide enabling environment for investment in the housing sector. He said that the Federal Government, through the Ministry of Power, Works and Housing was leading the drive on land and housing reform to ensure easy access to land for housing. According to him, the ministry has produced the revised and updated National Housing and Urban Development Policies as well as the National Building Code. He said the National Housing Programme of the Federal Government through the construction of houses across the country was a commitment to make significant and lasting changes in the sector. Osinbajo said the adoption of the National Housing Policy for sustainable housing delivery and the Housing Development Programme facilitated under the public private partnership were other interventions of the Federal Government. In his remark, Sen. Barnabas Gemade, the Chairman, Senate Committee on Housing said the theme of the summit was appropriate in view of the increased mass housing programme of the Federal Government. He said the upward review from N35 billion in 2016 to N40 billion in the 2017 budget was a clear demonstration of the Federal Government commitment to tackle housing challenges in the country. He pledged the commitment of his committee to fast track the reform and commercialization of the Federal Housing Authority through legislative process. Gemade said the delay in the release of budget resulting to frustration of work because of lack of funds and clear mortgage system were the major challenges facing the nation’s housing sector. “In addressing some of these challenges, we must take a critical look at the mortgage system. “We must also seek ways of how funds can be freed from certain sectors of the economy with much capital that can be deployed to the housing sector,” he said.   ...

FG Invests N100b On 25 Arterial Roads Nationwide- Fashola The Federal Government is reconstructing and rehabilitating 25 arterial roads with an aggressive plan to spend about N16.7b for each geopolitical zone across the country. The fund, which is a safe and low risk investment, is a Debt Management Office (DMO) Sovereign Sukuk (bond) with a 7-year tenor to the tune of N100b. The Minister of Power, Works and Housing, Babatunde Fashola, SAN, disclosed this today while addressing members of the Manufacturers Association of Nigeria (MAN) who paid him a courtesy call, in his office. The prioritized 25 road projects include the Dualisation of Ibadan-Ilorin Road, Suleja-Minna Road, Kano-Maiduguri Road, Lokoja-Benin Road, Rehabilitation of Enugu- Port-Hartcourt Expressway and the Construction of Kaduna –Eastern Bye- Pass, amongst others. The Minister also stated that the Ministry is in the process of re-introducing the tolling system on completed Federal Highways in order to sustain the maintenance of these roads. Earlier in his address, the President of MAN, Dr. Frank Udemba Jacobs, MON, commended the Minister for the novel idea in road financing, while specifically praising him for the on-going rehabilitation of Lagos-Ibadan, Onitsha- Enugu Expressways and other strategic roads across the country. He also expressed delight for the approval of N213b Nigerian Electricity Market Stabilization Facility (NEMSF) aimed at easing some of the challenges in the electricity industry value-chain. On a final note, he applauded the Federal Government for its recent measures at getting the economy out of recession and the provision of an enabling environment for business to thrive. In attendance at the meeting were the Minister of State II for Power, Works and Housing, Surv. Suleiman Hassan Zarma, the Permanent Secretary, Power Sector, Engr. Louis Edozien, Directors and Chief Executives from the Ministry. ...