Connect with us

News

Sukuk bond: Federal Government finally speaks on plans to islamise Nigeria

Published

on

The Federal Government has faulted the claims by the Christian Association of Nigeria that there are underground plan to Islamise the country with the recent issuance of its N100bn Sukuk bond.

The Minister of Finance, Mrs. Kemi Adeosun, said this on the sidelines of an investor conference organised by Stanbic IBTC Bank in Lagos.

The Christian Association of Nigeria had last week kicked against the floating of the SUKUK Islamic bond by the Federal Government.

It alleged that the move has further confirmed its fears that the government was planning to Islamise the country through the back door

Reacting, however, Adeosun stated that several countries of the world, including South Africa had issued sukuk bonds in the past, and Nigeria’s plan to issue the sukuk bond started about six years ago, long before the current administration came into power.

Adeosun said, ‘’Sukuk is part of our programme to deepen the financial market. Interestingly, it predated us. The committee started work in 2011. So, they have been working on it for six years, to structure products that would be compliant. Really, the Sukuk is about two things -one is about raising money and deepening the financial market.

ALSO READ  ‘No vehicle sold under me as minister’ - Akpabio dismisses report

“We need to include many people in the market to raise the money that is needed for infrastructure. We have already introduced the savings bond which is for small investors. They were saying that the process of getting into government securities was too complex.

“So, we made the product for them. And this is another product. We have other products that we are coming up with. So, there is no religious driver behind it. It is really a financial product to meet financial needs.”

She added, “This particular one of N100bn is going to be used for road projects. We have identified the road projects that it is going to be tied to and there is no religious attachment to it. South Africa even did a sovereign Sukuk before Nigeria. So, there is no Islamisation agenda at all.”

The minister said not every investor wanted to put their money into regular bonds and Treasury bills and, as such, there was the need to get everyone on board.

On concerns that the funds raised from Sukuk must be used for Sharia-compliant activities strictly, the minister said, “That is part of what is called the ethical investment. A lot of people for example, don’t want their funds invested in particular items such breweries, among others.

ALSO READ  Governor Ortom barred from welcoming Osinbajo to Benue

“Funny, a lot of investors that we have been marketing the bond to are just looking at the yield. So, it is really just another product which we hope would deepen the market and bring more people in. Not everybody wants to do bond or treasury bills. And we are still going to bring out many more products.”

Comments

News

Kogi Assembly Urges EFCC to Remove ‘Wanted’ Tag on Ex- Gov. Yahaya Bello

Published

on

By

In a recent session of the Kogi State House of Assembly, members passed a resolution urging the Economic and Financial Crimes Commission (EFCC) to remove the ‘wanted’ tag placed on the immediate past Governor of the state, Yahaya Bello.

The resolution was reached during plenary on Tuesday, following a presentation by Jibrin Abu, the representative of Ajaokuta State Constituency.

Abu brought forth a motion titled, ‘A call to end all false, frivolous, fictitious, and far from the truth smear campaign against the former Governor of Kogi State, Alhaji Yahaya Bello.’

Abu alleged that the anti-graft agency had been engaging in a witch-hunt against Bello, stating, “Kogi State, by allocation standard, is not rich so much so that N80.4b will be missing that the State will not be shaken to its foundation. This claim by the EFCC should be sanctioned and taken as laughable. Innocent Nigerians and Kogi State citizens that bought into the lies should by their personal volition withdraw their support.”

Former Deputy Speaker of the House, Enema Paul, echoed Abu’s sentiments, urging the EFCC to uphold the rule of law.

In his ruling, Speaker Aliyu Yusuf emphasized the importance of the EFCC operating within the boundaries of the law.

ALSO READ  How FG will spend N100bn Sukuk bond – Fashola

He stated, “This House is not against the EFCC doing their job but they should do it within the ambit of the law and not in a Gestapo way. The country belongs to all of us, so we must respect the law and work with it.”

 

Continue Reading

News

‘Catch And Kill’ Architect Details Trump-Boosting Scheme

Published

on

By

TOPSHOT – Former US President Donald Trump, with attorney Todd Blanche (L), walks toward the press to speak after attending his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City on April 23, 2024. (Photo by Yuki Iwamura / POOL / AFP)

In the 1990s, Donald Trump famously gossiped to the tabloids about — who else — himself, a headline-chaser who loved none other than to see his name in lights, or at least in the supermarket checkout line.

 

But those were Trump’s good old days, an era of clubs and models, long before he launched a bid for the US presidency and found himself needing to squash the lewd, party boy stories he once boasted about.

 

Cue David Pecker, the former publishing executive whose titles included the National Enquirer, and who on Tuesday in a Manhattan courtroom laid out the “catch and kill” strategy he carried out in a bid to support Trump’s 2016 presidential campaign.

 

In a then-secret meeting in August 2015, Trump and his former personal lawyer Michael Cohen met with Pecker to ask how he and his publications could “help the campaign,” the 72-year-old witness testified

Trump “dated the most beautiful women,” Pecker explained, “and it was clear that, based on my past experience, that when someone is running for a public office like this, it is very common for these women to call up a magazine like the National Enquirer to try to sell their stories.”

ALSO READ  ‘No vehicle sold under me as minister’ - Akpabio dismisses report

‘Fake news’ sells

Speaking under oath, Pecker, who sported a pink tie and slicked back hair, essentially confessed to trafficking so-called “fake news” to both his and Trump’s benefit, while simultaneously paying off several people whose tales had the potential to damage candidate Trump’s reputation.

He said “popular stories about Mr. Trump” as well as “negative stories about his opponents” would “only increase newsstand sales.”

“Publishing these types of stories was also going to benefit his campaign,” Pecker said. “Both parties benefited from it.”

Pecker offered a portal into the editorial practices of outlets like his own, which had no shame in paying for stories and focused far more on the cover than the content.

“We would do a lot of research to determine what… the proper cover of the magazine would be,” Pecker said.

“Every time we did this, Mr. Trump would be the top celebrity,” Pecker said, describing the magnate’s pre-politician days and pointing to his star turn as the top guy on his own reality show “The Apprentice,” and its celebrity-starring sequel.

In recalling Trump’s first campaign era, the prosecution presented bombastic headlines disparaging the Republican’s opponents, such as “Bungling surgeon Ben Carson left sponge in patient’s brain” and “Ted Cruz shamed by porn star.”

ALSO READ  Ekiti loses ex- SSG, Alofe

Pecker said such ideas often came from or were shaped by Cohen, Trump’s then-fixer who is expected to be a star witness in the New York state trial.

But Pecker also said he wanted to keep his “agreement among friends” with Trump and Cohen “as quiet as possible.”

Among the times he said he killed a story regarding Donald Trump, it centered on a Trump Tower doorman who was peddling a false claim that Trump had fathered a child out of wedlock with one of his former employees.

Pecker said he thought it was important to buy the story and keep it quiet for Trump’s benefit — as well as his own.

He said had the story been true, he planned to publish it “after the election.”

“If the story was true, and I published it, it would be probably the biggest sale of the National Enquirer since the death of Elvis Presley.”

 

Continue Reading

News

In 2023, Report Finds 282 Million Faced Acute Hunger

Published

on

By

Pedestrians and vehicles move along a road outside a branch of the Central Bank of Sudan in the country’s eastern city of Gedaref on July 9, 2023. (Photo by – / AFP)

Food insecurity worsened around the world in 2023, with some 282 million people suffering from acute hunger due to conflicts, particularly in Gaza and Sudan, UN agencies and development groups said Wednesday.

Extreme weather events and economic shocks also added to the number of those facing acute food insecurity, which grew by 24 million people compared with 2022, according to the latest global report on food crises from the Food Security Information Network (FSIN).

The report, which called the global outlook “bleak” for this year, is produced for an international alliance bringing together UN agencies, the European Union and governmental and non-governmental bodies.

2023 was the fifth consecutive year of rises in the number of people suffering acute food insecurity — defined as when populations face food deprivation that threatens lives or livelihoods, regardless of the causes or length of time.

Much of last year’s increase was due to report’s expanded geographic coverage, as well as deteriorating conditions in 12 countries.

More geographical areas experienced “new or intensified shocks” while there was a “marked deterioration in key food crisis contexts such as Sudan and the Gaza Strip”, Fleur Wouterse, deputy director of the emergencies office within the UN’s Food and Agricultural Organization (FAO), told AFP.

ALSO READ  Bond issuances on Nigerian Exchange hits N2.5 trillion in H1 2022

Some 700,000 people, including 600,000 in Gaza, were on the brink of starvation last year, a figure that has since climbed yet higher to 1.1 million in the war-ridden Palestinian territory.

 Children starving

Since the first report by the Global Food Crisis Network covering 2016, the number of food-insecure people has risen from 108 million to 282 million, Wouterse said.

Meanwhile, the share of the population affected within the areas concerned has doubled 11 percent to 22 percent, she added.

Protracted major food crises are ongoing in Afghanistan, the Democratic Republic of Congo, Ethiopia, Nigeria, Syria and Yemen.

“In a world of plenty, children are starving to death,” wrote UN Secretary-General Antonio Guterres in the report’s foreword.

“War, climate chaos and a cost-of-living crisis — combined with inadequate action — mean that almost 300 million people faced acute food crisis in 2023.”

“Funding is not keeping pace with need,” he added.

This is especially true as the costs of distributing aid have risen.

For 2024, progress will depend on the end of hostilities, said Wouterse, who stressed that aid could “rapidly” alleviate the crisis in Gaza or Sudan, for example, once humanitarian access to the areas is possible.

Floods and droughts

Worsening conditions in Haiti were due to political instability and reduced agricultural production, “where in the breadbasket of the Artibonite Valley, armed groups have seized agricultural land and stolen crops”, Wouterse said.

ALSO READ  Arisekola: A half of Ibadan mistaken for a single person | By Adeolu Akande

The El Nino weather phenomenon could also lead to severe drought in West and Southern Africa, she added.

According to the report, situations of conflict or insecurity have become the main cause of acute hunger in 20 countries or territories, where 135 million people have suffered.

Extreme climatic events such as floods or droughts were the main cause of acute food insecurity for 72 million people in 18 countries, while economic shocks pushed 75 million people into this situation in 21 countries.

“Decreasing global food prices did not transmit to low-income, import-dependent countries,” said the report.

At the same time, high debt levels “limited government options to mitigate the effects of high prices”.

On a positive note, the situation improved in 17 countries in 2023, including the Democratic Republic of Congo and Ukraine, the report found.

 

Continue Reading
Advertisement

Tweets by ‎@megaiconmagg

Subscribe to our Newsletter

* indicates required

MegaIcon Magazine Facebook Page

Advertisement

MEGAICON TV

Trending