Nigerian House of Representatives Initiates Probe into N1.24 Trillion Sukuk Funds Allocation and Utilization

 The Nigerian House of Representatives has resolved to conduct a forensic investigation into the allocation, expenditure, and outcomes of approximately N1.24 trillion raised through Sukuk bonds between 2017 and 2024. 

This decision follows the adoption of a motion of urgent public importance sponsored by Rep. Jonathan Gbefwi during a plenary session in Abuja. The probe aims to identify instances of fund diversion, inflated costs, or non-compliance by contractors involved in the projects. ​

Sukuk bonds, which are Islamic financial instruments compliant with Sharia law, have been utilized by the Nigerian government to finance critical road infrastructure projects across the country. The House Committee on Works has been tasked with overseeing this comprehensive investigation to ensure transparency and accountability in the management of these funds. 

Stakeholders, including the Debt Management Office (DMO), the Ministry of Finance, and relevant contractors, are expected to provide detailed reports and accounts to facilitate a thorough review. ​