Nigeria’s investment in Islamic Bank yields $296,143 dividends

Nigeria’s investments in the Islamic Development Bank has yielded N93,258,405.74 dividends ($296,143) for the 2016 fiscal year, according to the Federal Ministry of Finance.

The Islamic Development Bank, Jeddah Saudi Arabia

The Islamic Development Bank, Jeddah Saudi Arabia

Mr Salisu Na’Inna, the Director of Information in the Federal Ministry of Finance, in a statement from issued from Jeddah on Sunday, said Nigeria is the fourth largest shareholder of the Islamic bank.

“Nigeria has been allocated the sum of US$296, 143 as the dividend from the profit earned by the Islamic Corporation for the Development of the Private Sector (ICD) in 2016, but would be converted into shares.

“Nigeria is the fourth largest shareholder in the 57-nation Islamic Development Bank Group (IsDBG),” Na’Inna said.

According to the statement, Nigeria’s equity subscription to the IDB is 1,384 million Islamic Dinars (ID) – One ID = One SDR (Special Drawing Rights) of the International Monetary Fund (IMF), as at 2014.

“The country’s overall shareholding in the IsDB Group is 1.68 per cent, surpassed so far only by the shareholdings of Saudi Arabia, Kuwait, Libya and the Islamic Republic of Iran,” the director said.Na’Inna said. Nigerian’s delegation to the

Nigerian’s delegation to the just concluded 42nd Annual meeting of the bank was said to have demanded more infrastructural projects in the country.

The delegation made the demand at a meeting with the IsDB’s Vice-President for Operations, Nigeria’s former Minister of Finance, Dr Mansur Mukhtar.

The Permanent Secretary in the Federal Ministry of Finance, Dr Mahmoud Isa-Dutse, who led the Nigerian delegation, urged the bank to conclude preparations and begin to implement pending projects approved by the organisation.

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“While expressing appreciation for the support and cooperation Nigeria is receiving from the Bank, Isa-Dutse reminded the IsDB of the request, made by President Muhammadu Buhari in 2016.

Buhari had requested the bank to harness efforts and resources for the reconstruction and recovery of the North East in collaboration with the World Bank and the African Development Bank.

“The Islamic Development Bank has provided loan facilities for a number of on-going projects in some states of the federation.

“These include the construction and equipping of four science secondary schools in Osun State and water supply projects in Zaria and Ilesha in Kaduna and Osun states respectively among others.

“Nigeria and the Bank are negotiating financing for the construction of the Second Niger Bridge on the Private Public Partnership (PPP) model.

“The delegation sought the extension of intervention by the Bank to include financing for energy and road construction projects under its Private Public Partnership scheme,” Isa-Dutse said.

By Our Correspondent

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