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.
THE HON. MINISTER OF WORKS, H.E. SEN. (ENGR.) NWEZE DAVID UMAHI, CON, FNSE, FNATE ENGAGES STAKEHOLDERS IN ONDO STATE ON THE 63-KILOMETRE ALIGNMENT OF THE LAGOS - CALABAR COASTAL HIGHWAY PASSING THROUGH THE STATE, THURSDAY, 31ST OCTOBER, 2024 IN AKURE.
1
HON. MINISTER OF WORKS, HIS EXCELLENCY SEN. ENGR NWEZE DAVID UMAHI CON (RIGHT) WITH THE DIRECTOR, INFRASTRUCTURE AND URBAN DEVELOPMENT, MIKE SALAWOU HELD AT THE OFFICE OF THE HONOURABLE MINISTER FEDERAL MINISTRY OF WORKS, THIS 5TH MARCH 2024.
Hon. Minister of Works, His Excellency Sen. Engr Nweze David Umahi CON (Right) with the Director, Infrastructure and Urban Development, Mike Salawou held at the office of the Honourable Minister Federal Ministry of Works, this 5th March 2024.