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Nigeria Earns $296,143 Dividends From Islamic Dev’t Bank

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Nigeria has earned $296,143 dividends from its investments in the Islamic Development Bank for the 2016 fiscal year.

The Director of Information in the Federal Ministry of Finance, Mr. Salisu Na’Inna, in a statement from Jedda, Saudi Arabia, yesterday, identified Nigeria as the fourth largest shareholder of the Islamic bank.

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“Nigeria, the fourth largest shareholder in the 57-nation Islamic Development Bank Group (IsDBG), has been allocated the sum of US$296, 143 as 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,” he said.

Nigeria is the fourth-largest equity subscriber to the IDB with 1,384m 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,” Mr. Na’Inna said.

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

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

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

Mr. Na’Inna said further: “While expressing appreciation for the support and cooperation Nigeria is receiving from the Bank, the Permanent Secretary reminded the Bank of the request made by President Muhammadu Buhari in 2016 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, including the construction and equipping of four science secondary schools in Osun State and water supply projects in Zaria and Ilesha, 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,”

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