By Muslimat Itopa
The Kogi State Government has intensified efforts to deepen non-interest financing for critical infrastructure development, as members of the Sukuk Project Monitoring Team undertook an inspection visit to key projects across the state.
The Special Adviser to the Governor on Finance, Hon. Idris Shuaib, FCA, reaffirmed the administration’s commitment to transparency, due process, and global best practices in the execution of the Airport Project and other strategic infrastructure initiatives.
Speaking while welcoming members of the Sukuk Monitoring Team and other stakeholders in Lokoja on Tuesday, Hon. Shuaib disclosed that a high-level stakeholders’ meeting was held in Abuja about two weeks earlier.
The meeting brought together all partners involved in the Airport and International Market projects to align expectations, familiarize stakeholders with the project environment, and adopt non-interest financing models for the state’s infrastructure expansion.
He explained that the state government has already completed extensive preparatory work on the projects, including feasibility studies, environmental impact assessments, and social responsibility evaluations, all of which meet internationally accepted standards.
According to him, these measures were deliberately undertaken to ensure long-term sustainability, safety, and optimal socio-economic benefits for the people of Kogi State and the wider North Central region.
Representing Governor Ahmed Usman Ododo, as well as the Commissioner for Finance, Budget and Economic Planning, the Special Adviser emphasized that the projects are designed strictly for public good, noting that accountability, transparency, and value for money remain the guiding principles of the current administration.
Providing updates on the Airport Project, the Lead Engineer from the Kogi State Ministry of Transportation, Engineer. Achem Enemakwu, noted that the project has successfully passed the design phase and is now ready for full-scale construction following the approval of the bidding process by the state government.
Engineer Enemakwu explained that the airport design was completed last year, while the construction bidding process is currently ongoing.
He revealed that Governor Ahmed Usman Ododo has approved the commencement process and made a ₦50 billion budgetary provision for the Airport Project in the current fiscal year.
He further stated that the airport project which covers approximately 4,000 hectares of land, has a projected two-year construction timeline, and expressed optimism that construction activities would commence as early as next month.
On the financing structure, a delegation from One 17 Financial Services Ltd, led by Senior Analyst Kamil Isah Shuaib, disclosed that the partnership between the Kogi State Government, One17 Financial Services, and Ava Capital is focused on exploring non-interest financing options that offer flexible, ethical, and lower-cost funding structures.
He added that the inclusion of the Head of Sharia Advisory (Sukuk Bond) is to ensure full compliance with non-interest financing principles, thereby positioning the projects to attract investors seeking long-term, stable, and socially responsible investment opportunities
The Sukuk Monitoring Team also visited the ongoing International Market Project, where the Head of Sharia Advisory, Thanni Mustakeem, expressed satisfaction with the level of work done so far.
He commended the commitment demonstrated by the Kogi State Government and stated that his organization would be eager to partner with the state on future projects.
Similarly, the Site Engineer overseeing the International Market project, Engineer Omojola Benjamin of SABC Ltd, welcomed the team’s visit and assured stakeholders of timely delivery, affirming the contractor’s commitment to meeting project specifications and deadlines.
GIPHY App Key not set. Please check settings