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Understanding The 4TH FGN Forward-Ijarah Sukuk And Its Rental Payment Schedule

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By
Bello Sani Yahuza
Bayero University, Kano
December 31, 2021

Recently on December 16, 2021, The Federal Government of Nigeria issues its fourth Sukuk. The forward-Ijrarah Sukuk is worth N250billion with 10-year tenor at 12.8% rental payment payable half yearly installments. The FGN Sukuk attract a massive subscription of over N865 billion which is oversubscribed by 346%. Following the conclusion of the offering week, the Sukuk was repriced at 13% increasing 0.2% return for investors.

As it is, the Sukuk was structured based on the contract of Ijara or Shari’ah compliant lease.

As per the terms and conditions of Ijarah contract, an asset may be leased to a person named lessee by the owner of the asset named lessor. The lessee is entitled to use the asset within the period of leasing contract and pay in return rental payment for his use of the asset named usufruct. In legal terms, ijarah is a contract of selling beneficial ownership of an asset, hence the lessee is considered a beneficial owner of the asset throughout the leasing period.

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According to Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shari’ah Standards No. 17, Forward-Ijarah Sukuk is define as Certificates of ownership of usufructs of described future assets of equal value issued for the purpose of leasing out tangible future assets and for collecting the rental from the subscription revenue so that the usufruct of the described future asset passes into the ownership of the holders of the certificates. In the FGN Sukuk the Sukuk holders own the usufruct of highways, which they rented them to the FGN. The issuer of these certificates is the seller of usufruct of an asset to be made available in the future as per specification. The subscribers are buyers of the usufruct, the funds mobilized through subscription are the purchase price of the usufruct. The certificate holders become joint owners of the undivided usufruct sharing its benefits and risks.

Sukuk is generally a financial instrument used for raising funds for financing budget deficit, infrastructural project for public sector; or enhancing liquidity or increasing capital adequacy for financial institutions and so on; and or for investment opportunity for individuals and corporate entities. For the same reason, the FGN venture into Sukuk market to raise fund nd issue Forward-lease Ijarah Sukuk to the public. Regarding this, dual requirements are needed for this ijarah sukuk, the guiding Shari’ah principles of a valid ijarah contract on one hand, and the Nigerian financial system laws (legal, regulatory and prudential guidelines) on another. Therefore, two components are essential in understanding this FGN sukuk. The first is the capital raised (N250billion) which is used by the issuer to buy the asset (the highways) and leased it to FGN through Federal Ministry of Works and Housing. In the agreement, the FGN sell the asset to the investors (Sukuk holders) and collect their money to reconstruct the highways with irrevocable condition of taking it as lease upon which the FGN will pay the whole funds invested with their return on installments.

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The second component, is the return of the investors’ fund agreed at 13% of the capital which stands at N32.5billion. Now, the FGN through CBN as paying agent will complete payment at end of the 10-year tenor of the Sukuk life the total N282.5billion to the sukuk holders to settle the principal and return as well. The AAOIFI Shari’ah Standard provides that, the lease rental may be in cash or in kind (goods) or benefit (service). It must be specified, either as a lump sum covering the duration of the Ijarah contract, or by instalments for parts of the duration. It may also be for a fixed or variable amount, according to whatever designated method the two parties agree upon. This return is termed according to Shariah principles as profit for a valid contract. In this case, the ijarah or any other contract, there is no issue of violating or non-compliance in setting out terms of paying rental return at any given percentage.

Meanwhile, in all our transactions, whether we calculate them on percentages or not, are just the profits we earn together with the principal sum the total of the capital we have in a business venture. Thus, the percentages according Shari’ah rules, are just means/instrument (wasilahi) for counting and calculations no more no less. It helps in knowing clearly what is the amount one owns or owed in a given transaction. And in the spirit of proper record keeping in line with the Qur’anic guidance. Which enjoins writing down in clear terms whatever is there in a transact such as this one. (Qur’an 2: 282). Percentage in such cases clarifies monetary rights and claims better.

The fact that the conventional system always use percentages for their interest rates computation of returns, does not make counting percentage on our business transactions, agency agreement or partnership contracts invalid from Shari’ah view point.
I conclude by this noble Hadith in which The Prophet Peace Be Upon Him says:
“المسلمون على شروطهم الا شرطا أحل حراما، أو حرم حلالا”
“Muslims are freely bound by their conditions and stipulations, except, a condition permitting prohibited, or prohibiting permitted act”. reported by Abu Dawud, Tirmudhy, Ibn Majah and others.

 

BELLO SANI YAHUZA, currently a PhD candidate in the International Islamic University, Malaysia (IIUM) working on Sharī’ah and application of Maqāṣid-Based Green Sukuk financing for agricultural Development and achieving sustainable food security as his main area of research. He works with Bayero University, Kano Nigeria as an academic lecturer since 2012 in the Department of Islamic Studies & Sharī’ah and The International Institute of Banking & Finance (IIIBF) where he acquired both his B. A. Islamic Studies & M. Sc. Islamic Banking & Finance in 2010 and 2015 respectively. He thought many courses at both degree and master’s levels as well as professional training. He is a Certified Halal Executive (CHEX) by International Halal Research and Training Malaysia (INHART). He attended various international and local conferences and presented many papers therein. Other areas of interest are Islamic Jurisprudence and commercial transaction. ORCID ID: https://orcid.org/0000-0002-8155-7104 Email: bsyahuza.iiibf@buk.edu.ng +2348034431772 University/Organization: International Islamic University Malaysia (IIUM).

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Why I want To Rewrite Kannywood’s Playbook – Dan Hausa

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Kamilu Danhausa

 

By Saif Ibrahim, Kano

Who is Dan Hausa?

I am Kamilu Ibrahim born 31 years ago, but most people know me as Dan Hausa. I was born in Fagge, Kano State, and from the very beginning I knew I wanted to tell stories that reflect the realities of my people. I trained at the High Definition Film Academy in Abuja, SAE Institute, and also took part in the U.S. Embassy’s Filmmaking for Impact program. I join the fikm making industry and started directing in 2017 because I wanted full control over how my stories are told.

Can you tell us a bit about yourself and your journey into film directing?

My journey began with a love for storytelling—I started as a scriptwriter, then worked closely with experienced filmmakers before directing my first film. Over the years, I’ve learned that directing isn’t just about cameras and lights, but about understanding people, culture, and the power of narrative.

Growing up, I saw how films could educate and inspire people. In Arewa, cinema is more than entertainment—it’s a mirror of society. I wanted to use that mirror to reflect our values, challenges, and hopes. That desire to make meaningful films pushed me into directing.

What sets your work apart in today’s Kannywood?

For me, it’s about merging modern cinematic techniques with our Hausa cultural identity. I love bold visuals and tight storytelling, but I never want to lose that traditional heartbeat of my origin. My goal has always been to raise our production quality to international standards while staying true to our roots”, proof of that is clear in my current and biggest project, “Wata Shida.

How would you describe your directing style?

I like to call my style “realism with purpose.” I focus on authenticity—every scene, every performance, every frame must feel true to life. But I also ensure that there’s always a message, something the audience can take home and reflect on.

Can you highlight some of your notable works?

Sure, there is Wata Shida which is currently airing and has an overwhelming response from the public and the likes of Lulu Da Andalu a myth-inspired adventure series showing on AREWA24 and YouTube. YouTube pushed us to think bigger in terms of story and production. Mijin Hajiya earned me Best Director at the 2024 Kano Entertainment Awards, while Tataburza made waves at film festivals. Earlier films like Bakon Yanayi (2019) and my debut Kulba Na Barna (2017) helped me define my style. My latest project, Amaryar Lalle, starring Rahama Sadau, premieres August 2025 on Sadau Pictures TV. Each project is a step forward in showing what Kannywood can achieve.

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What awards and recognitions have you earned?

I have also been recognized by the Arewa5050 Awards and Kaduna International Film Festival (KIFF) for Lulu Da Andalu, which even won Best Indigenous Hausa Film. There’s also an AMVCA nomination for best Africanindigenous language , which is exciting because it means Hausa stories are getting wider attention.”

Who are your key collaborators?

Filmmaking is teamwork; TY Shaba has been a creative partner on several projects, especially on Lulu Da Andalu. I have WORKED with Rahama Sadau on Amaryar Lalle has been fantastic; she brings so much energy to the screen.”

What themes do you explore in your films?

I like telling stories where modern life clashes with traditional values—family conflict, cultural identity, gender roles. These are real issues in our society, and I try to explore them honestly but cinematically. I believe film should make people feel and also think.”

What is your next project?

I am working on Wata Shida Season 2, a story about a woman who enters a six-month sham marriage to protect her inheritance. It’s socially meaningful but also very entertaining. I will also continue with season 2 of “Amaryar Lalle.”

Can you tell us a little about your latest project?

This project is very close to my heart. It follows a young girl fighting to get an education in a society full of obstacles. Through her eyes, we see how family, tradition, and resilience collide, and how hope can survive even in the harshest situations.”

What inspired you to make this story?

Growing up, I saw so many bright young girls whose dreams were cut short just because they were girls. I felt a responsibility to tell this story—not as fiction, but as a mirror of what is happening around us.

How do you balance tradition and modernity in your work?

A: It’s about respect. I respect our traditions, but I also embrace new technology and ideas. In my films, I make sure traditional values are represented truthfully, while using modern techniques to improve production quality.

 

What challenges do you face as a director in Kannywood?

Budgets are often limited, and resources can be scarce. But the biggest challenge is sometimes societal misunderstanding of what we do as filmmakers. People forget that film is also an art form and a tool for change, not just entertainment.

Can you tell us your favourite project

Every project has its own special memory, but I’m proudest when a film sparks conversation or impacts people’s lives. For example, one of my recent films about youth unemployment led to community discussions and even small initiatives to help young people. That’s when I feel film is doing its job.

What advice would you give to aspiring directors?

Learn the craft—don’t rush. Watch films, study scripts, spend time on set even if it’s just to observe. Most importantly, stay humble and focused. Filmmaking is about patience, teamwork, and vision.

What should audiences expect from your upcoming projects?

Expect more powerful stories rooted in our culture, with better technical quality. I’m working on projects that tackle real societal issues, and I believe they’ll resonate with audiences not just in Arewa, but globally.

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Features

Antenatal Care: Why some women misses several sessions

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By Aisha Muhammad Rabiu

 

In many parts of Northern Nigeria, antenatal care is a vital step in ensuring the health of both mother and the unborn child. Yet, an increasing number of women are neglecting this crucial stage of pregnancy, putting themselves and their babies at serious risk, hence the high infant, mother mortality rate.

 

Health experts have been warning that antenatal visits help detect pregnancy complications at its early stage, provide essential supplements for healthy mother/child development, and educate mothers on safe delivery practices. But for some women, they find antenatal care as a burden either due to poverty or lack of awareness based on cultural practices and beliefs. As such antenatal remains a neglected priority.

 

 

In Kadawa, Fatima Sani, a 28-year-old expectant mother, admits she has not attended a single session of antenatal since the start of her pregnancy. she said “It’s not that I don’t want to go, but the clinic is far from my house, and my husband says we should save the transport money for delivery day. I just pray Allah protects me and my baby.”

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From Dan Bare, Shago Tara precisely, Khairat a mother of 4 shares her reasons for not attending antenatal session even though she is fully aware that the session is very important to pregnant women. She said “I feel healthy, so I don’t see the need to go for antenatal. My mother gave birth to all her children at home without any clinic visits, and they all survived.”

 

In Rijiyar Zaki, Hadiza Mukhtar recalls her previous pregnancy, where she skipped antenatal visits entirely. “The nurses were rude to me when I first went. I decided I would not return. This pregnancy, I haven’t gone at all,” she confesses.

 

For Usaina Muhammad of Kurna, the problem is financial. “I can’t afford the registration fee, and I also have other children to feed. I know antenatal is important, but survival comes first.”

 

Meanwhile, Maryam Lawan of Layi Kaji reveals that misinformation has influenced her decision. “Someone told me that the iron tablets they give at the clinic make the babies grow too big, making delivery harder. So, I decided to avoid it altogether.”

 

Medical professionals emphasize that skipping antenatal care increases the risk of complications such as anemia, high blood pressure, infections, and even maternal or infant death. Dr. Ibrahim Musa, a gynecologist in Kano, warns: “We see many emergencies that could have been avoided if the mother had attended antenatal. Most of these cases arrive late, making it harder for the doctors to save lives.”

 

Experts and community leaders agree that raising awareness is key in addressing the matter. Antenatal care should be made more affordable, accessible, and culturally acceptable for all women. Religious leaders, health workers, and family members all have a role to play in encouraging expectant mothers to attend regular check-ups.

 

Neglecting antenatal care is not just a personal choice; it’s a public health concern that affects families, communities, and the future of the nation. Ensuring that every mother has the knowledge, resources, and support to seek antenatal care is a step toward a healthier society.

 

Aisha Muhammad Rabiu writes from Bayero University Kano (BUK) and she can be reached at Email: aishatama2020@gmail.com

Phone no.08084273341

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Rano’s Peaceful Legacy: More Than a Slogan, One Tragedy Won’t Define Us

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For decades, Rano Garin Autan Bawo has proudly stood as a symbol of peace and harmony in Kano State. It is a place where neighbors look out for one another, where disputes are settled through dialogue, and where diversity is met with respect—not resentment. In Rano, peace is not just a slogan—it is a way of life passed down through generations.

The tragic incident that recently occurred at the Divisional Police Station in Rano Local Government has deeply shaken our community. Known for generations as one of the most peaceful and united areas in Nigeria, Rano now faces the painful reality of an attack that led to the death of a Divisional Police Officer and the destruction of police property. This senseless act of violence goes against everything our community stands for and must not be seen as a reflection of who we are.

Rano has long been recognized for its peaceful spirit, tolerance, and respect for all. People from different backgrounds, religions, and cultures have lived side by side here in harmony. This didn’t happen by chance—it is the result of years of effort by our leaders, religious figures, and ordinary citizens who believe that our strength lies in our unity and diversity.

Our respect for law and order is deep-rooted. We understand the crucial role that security personnel play in keeping our community safe. The people of Rano have always appreciated the risks and sacrifices made by the police, military, and other agencies to protect lives and property.

Respect for the law here is not just about obeying rules—it’s about a shared belief in justice, fairness, and solving problems peacefully and legally. This belief has helped build a respectful and cooperative relationship between the police and the people.

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What happened at the police station is completely out of character for our community. The individuals who carried out this attack do not represent us. Their actions go against the values that have shaped Rano. We strongly condemn what they did and make it clear that their behavior does not reflect who we are.

The loss of the Divisional Police Officer is not just a blow to the Nigeria Police Force or the Kano State Police Command—it is a loss for all of us. He wasn’t just doing his job; he was part of our extended family. His death is an attack on the peace and security that we all hold dear.

We send our deepest condolences to his family. No words can ease the pain of losing a loved one in such a brutal way. Our thoughts are also with his colleagues in the police force, who have lost a brother and a friend.

We also stand with the Kano State Police Command and the Nigeria Police Force as they face this heartbreaking loss. We understand how much this affects their morale, especially at a time when their work is more important than ever.

Destroying police buildings and equipment is not just an attack on law enforcement—it’s an attack on the very system that helps keep us safe. These facilities belong to the people and serve the entire community. Damaging them harms everyone, especially the most vulnerable among us.

We urge the government and relevant authorities to investigate this incident fully and fairly. Those responsible must be held accountable. Justice must be swift and uncompromised. Our community deserves to see the law upheld and the wrongdoers brought to book.

To our young people—the future of Rano—we ask for calm and reflection. We know that you may be frustrated or angry about many issues. But violence is never the answer. Taking the law into your own hands only brings more pain and setbacks for everyone.

Instead, we encourage our youth to focus on positive, constructive paths. There are peaceful, legal ways to raise your voices and push for change. Use those channels. Help move our community forward.

Rano must now focus on healing, rebuilding trust, and recommitting to the peaceful values that have always defined us. We must come together—young and old, leaders and citizens—to ensure that such violence never happens again.

We call on traditional leaders, religious figures, community elders, youth leaders, and all residents to stand united in promoting peace and respect for the law. Let’s strengthen our partnership with security agencies and support their efforts to keep us safe, while also holding them accountable to serve with respect and dignity.

How we respond to this tragedy will shape our future. Let us choose unity over division, peace over violence, and hope over despair. The actions of a few will not define us. We will protect the legacy of peace that Rano is known for and continue working together for a better tomorrow.

Buhari Abba wrote this piece from Unguwar Liman Rano.

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