Ododo’s govt strengthens non-interest funding drive for major infrastructure

By Ezurike Ugochukwu 

The Kogi State Government has intensified efforts to deepen non-interest financing for critical infrastructure as members of the Sukuk Project Monitoring Team toured key projects, including the proposed airport and the International Market, across the state.

Welcoming the delegation in Lokoja on Tuesday, the Special Adviser to the Governor on Finance, Hon. Idris Shuaib, reaffirmed the administration’s commitment to due process, transparency, and international best practices, noting that extensive feasibility, environmental, and social impact assessments have been completed to ensure the sustainability and bankability of the projects.

Shuaibu disclosed that a crucial stakeholders’ meeting was held in Abuja about two weeks ago, bringing together all partners involved in the Airport and International Market Project to properly familiarise themselves with the project environment and expectations and to opt for a non-interest financing for key infrastructure in the state.

According to him, extensive groundwork has already been completed, including feasibility studies, environmental impact assessments, and social responsibility assessments, all of which, according to him, fully comply with international standards.

Shuaib noted that the processes were deliberately undertaken to ensure sustainability, safety, and maximum benefits to the people of Kogi State and the North Central region at large.

Speaking on behalf of the Kogi State governor, Alhaji Ahmed Usman Ododo, and the Honourable Commissioner for Finance, Budget and Economic Planning, the Special Adviser emphasised that the projects are being executed solely for the socio-economic advancement of the people, adding that transparency and accountability remain the guiding principles of the administration.

According to the Lead Engineer from the Kogi State Ministry of Transportation, Engr. Achem Enemakwu, disclosed that the Airport Project has successfully passed the design stage and is now set for full construction, following the approval of the bidding process by the Kogi State Government.

According to Enemakwu, the design of the airport was completed last year, while the bidding for construction is currently ongoing. He revealed that Governor Ododo, has graciously approved the commencement process and made a budgetary provision of ₦50 billion for the Airport Project in the current fiscal year.

He further stated that the airport sits on a vast 4,000 hectares of land, with a two-year construction timeline, and expressed optimism that construction activities will commence as early as next month.

A team from One17 Financial Services Ltd, led by Senior Analyst Kamil Isah Shuaib, revealed that the collaboration between Kogi State government, his company and Ava Capital, aims to explore non-interest financing options, offering flexible and lower-rate funding structures.

He also noted that the presence of the Head of Shariah advisory (Sukuk Bond) is to ensure the project’s compliance with non-interest standards, making it attractive to investors seeking long-term flexible financing options.

To access other infrastructure in the state, the Team went further to the ongoing International Market where the Head of Shariah advisory (Sukuk Bond), Thanni Mustakeem expressed satisfaction with the job, stressing that with the commitment of the state government, his company would be eager to partner.

The site Engineer handling the International Market, Engr Omojola Benjamin of SABC Ltd, expressed satisfaction with the Team and promised to deliver within the timeframe of the project.