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Nigeria Commences Sale of N100Bn Debut Sovereign Sukuk

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Nigeria has started the sale of a N100 billion ($326 million) debut sovereign sukuk on the local market to fund road infrastructure, the Debt Management Office (DMO) said on yesterday.

The seven-year Islamic bond which is structured as a lease will yield a 16.47 percent rental rate, payable semi-annually. Subscription for the bond, which is guaranteed by the government, will close on Sept 20.

The debut sukuk was originally planned to go on sale in June for three days via book building.

Africa’s biggest economy has a series of debt issues lined up this year, including a 20 billion naira in “green bond”. The West African country raised $1.5 billion Eurobond in the first quarter and sold another $300 million to its Diaspora.

Nigeria plans to borrow both locally and from offshore sources to help fund a budget deficit worsened by lower oil prices which have slashed government revenues and weakened its naira currency.

The country grew out of recession in the second quarter as oil revenues rose, but the pace of growth was slow, suggesting a fragile recovery.

The planned sukuk issue will target retail and institutional investors, with First Bank and Islamic wealth manager Lotus Capital managing the sale.

Nigeria is home to the largest Islamic population in sub-Saharan Africa, with about half of its 180 million people Muslims. It is also home to one of Africa’s growing consumer and corporate banking sectors.

The DMO said the bond will be tradable on the Nigerian Stock Exchange and on FMDQ over-the-counter platform and that it may re-open the offer in case of an undersubcription.

The Islamic bond sale is part of plans to develop alternative funding sources for government and to establish a benchmark curve for corporates to follow, the DMO has said.

In 2013, Nigeria’s Osun State issued N10 billion worth of sukuk, but no other sukuk transactions followed.

Central bank has been working to set regulatory ground rules for such things as Islamic bonds (sukuk) and insurance (takaful) to try to emulate the success of the industry in Malaysia.

The bank has set up liquidity support systems to its non-interest lenders after it issued guidelines last year to enhance the quality of sukuk instruments and grant the Islamic bond liquidity status at its discount window.


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Nigeria Treats Religious Violence as Attack on State – NSA Ribadu

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National Security Adviser Nuhu Ribadu has said the federal government considers religious violence an attack on the Nigerian state, stressing that the protection of all citizens, regardless of faith, is non-negotiable.

Nigeria Treats Religious Violence as Attack on State – NSA Ribadu

According to presidential spokesperson Bayo Onanuga, Ribadu made the remarks in Abuja at the close of a US–Nigeria Joint Working Group session.

“Nigeria is a deeply plural society, and the protection of all citizens, Christians, Muslims, and those of other beliefs, is non-negotiable,” Ribadu said.
“Violence framed along religious lines is treated as an attack on the Nigerian state itself.”

In a follow-up post on X, Ribadu said the joint working group has recorded “tangible operational gains” in the fight against terrorism.

The working group was set up following Nigeria’s designation as a Country of Particular Concern (CPC) by US President Donald Trump, a label that often triggers policy actions aimed at ending severe violations of religious freedom.

At the meeting, Ribadu led Nigeria’s delegation, which included representatives from 10 ministries and agencies, while the US delegation, made up of eight federal agencies, was led by Allison Hooker, US under-secretary of state.

Ribadu said Nigeria-US security cooperation has moved from dialogue to action, resulting in the disruption of terrorist networks and transnational criminal groups. He also praised the US for supplying drones, helicopters, platforms, spare parts, and other support systems over the past five years.

Speaking at the session, Hooker said the US was committed to expanding its partnership with Nigeria, particularly on deterring violence against Christian communities.

“Today, we are here to discuss how we can work together to deter violence against Christian communities, prioritising counter-terrorism, insecurity, investigation of attacks, and holding perpetrators accountable,” she said.

She added that efforts would focus on reducing killings, forced displacement, and abductions of Christians, especially in Nigeria’s north-central states


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PalmPay User Shares Experience on Fintech Apps to Trust in Nigeria

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For many Nigerians, fintech apps are judged by one simple question: Can I trust the platform? For Happiness, a young Nigerian entrepreneur, the answer manifested in the most defining moments of her life.

Trust Built Through Everyday Use

In 2025, Happiness relied on PalmPay to run her business, from receiving customer payments, paying vendors, and managing daily transactions. During PalmPay’s Hustle Grant Campaign, she joined thousands of small business owners hoping to win the N500,000 funding.

While she didn’t make the shortlist, the campaign gave her business something just as valuable: visibility. New customers discovered her brand, enquiries increased, and sales followed.

PalmPay didn’t just host a campaign; it created an ecosystem where small businesses could be seen and supported.

Just days later, Happiness’ life changed. On August 30, 2025, she lost her father. With this loss came challenges, especially payments. They tried transferring money through regular banks but were met with declined transactions. Happiness suggested using her PalmPay account and it was successful.

In a moment defined by loss and urgency, PalmPay cut through the chaos, proving that reliability isn’t a feature, it’s a lifeline. Happiness’ relationship with PalmPay didn’t stop at transactions. Through other management tools on the app, she learned to build discipline around her finances.

More Than an App, a Financial Partner

Beyond transactions, PalmPay’s tools helped Happiness build better money habits and financial discipline. Today, the brand continues to reward reliability through initiatives like its ongoing Premier Cool campaign, reinforcing a simple message: consistency should come with value.

The idea is simple: Purchase a bar of soap and stand a chance to get ₦10,000cash and other cash benefits.

It’s PalmPay’s way of saying that smart money habits deserve real value in return.

Why PalmPay Earns Trust

Life doesn’t give warnings before it tests you. When it does, you need a platform that doesn’t just usually work but always works.

For many users, PalmPay proves to be more than a payment app. It is a trusted partner powering ambitions, supporting users through defining life moments, while helping them bank smartly.

When it mattered most, PalmPay worked. To watch the full testimonial visit: @palmpayapp_ng


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Nigerians Target Self-Improvement, Business Startups in 2026 Google Data

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Google Search data from the first two weeks of 2026 reveals Nigerians are prioritising ambition, self-growth, and entrepreneurial ventures as they embrace the new year with renewed drive for personal and professional excellence.

Nigerians Target Self-Improvement, Business Startups in 2026 Google Data

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The data shows a 40 per cent spike in searches related to self-improvement and “becoming better”, reflecting a nationwide shift from mere resolutions to actionable plans across boardrooms, classrooms, and homes. Entrepreneurship leads the charge, with “how to start a business” topping “how to start” queries after an 80 per cent surge, alongside rising interest in blogging, podcasting, and YouTube channels to foster economic opportunities.

Personal development dominates, as searches for “how to be a better person” rose 20 per cent, extending to relationships with queries on becoming better lovers, partners, husbands, wives, and listeners. Health resolutions gain traction, with 40 per cent increases in “how to eat healthy”, “healthy diet”, and “how to meditate” underscoring commitments to physical vitality and mental wellness.

Skill mastery captivates diverse audiences, from “how to improve English” and communication skills to enhancing memory, credit scores, and even handwriting, while leisure pursuits spike in “how to get better at” chess, singing, running, Fortnite, and soccer. Top searches include “how to improve communication skills”, “how to be a better listener”, and entrepreneurial starters like “how to start a podcast”, painting a portrait of a nation honing edges for success.

Taiwo Kola-Ogunlade, Communications and Public Affairs Manager for West Africa at Google, described the trends as a “powerful reflection of Nigeria’s collective ambition”, affirming the company’s dedication to tools like Search and Gemini for guiding Nigerians toward prosperity


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