The House of Representatives has launched a probe into Sukuk-backed road projects valued at ₦1.24 trillion from 2017 to 2024.
The House resolution came after adopting a motion of urgent public importance sponsored by Jonathan Gbefwi, a lawmaker from Nasarawa.
As of December 2024, data from the Securities and Exchange Commission estimates this amount at approximately $657.6 million based on current exchange rates.
A breakdown of the Sukuk issuances includes N100bn (2017), N100bn (2018), N162.56bn (2020), N250bn (2021), N130bn (2022), and N350bn (2023).
Reports suggest an additional ₦150bn was issued in October 2023, bringing the total to approximately ₦1.24tn by the end of 2024.
However, official confirmation from the DMO is still awaited for late 2024 issuances.
Gbefwi noted that that despite the significant investment, “Nigeria’s road infrastructure remains in a deplorable state, with over 70 per cent of the country’s 200,000km road network still unpaved, as noted by S&P Global Ratings in January 2024.”
He said, “The House is worried that without robust accountability mechanisms, the Sukuk programme risks becoming a conduit for mismanagement or corruption.”
When Deputy Speaker, Benjamin Kalu, put the motion to a voice vote, lawmakers overwhelmingly supported it.
The House then directed its Committee on Works to conduct a forensic probe into the allocation, expenditure, and outcomes of the ₦1.24tn Sukuk funds (2017–2024), focusing on possible diversion, inflation, or contractor noncompliance.
The House also directed the Ministry of Works to provide the Committee on Works with detailed real-time records of all Sukuk-funded projects, including financial disbursements, project statuses, and contractor performance, with updates required every quarter.
It further directed the Committee on Works to submit a comprehensive report within six weeks, outlining findings, issues, and proposed remedial measures related to Sukuk financing in Nigeria.
