Home Business & Economy FG to earn $296,143 dividend from Islamic bank

FG to earn $296,143 dividend from Islamic bank


Indications has emerged that the Federal Government is to receive $296,143 as dividend from the profit earned by the Islamic Development Bank (IDB) for the 2016 financial.

A statement signed by the Director of Information in the Ministry of Finance, Salisu Dambatta,  said the public financial institutions that own shares in the bank would receive dividend payments in cash amounting to $1.56million, payable within three months from the date of the resolution.

According to the statement, Nigeria would not receive the dividend in cash, adding that the amount would be converted into shares and reinvested in the bank.

The statement added that Nigeria and the IDB were negotiating financing for the construction of the Second Niger Bridge on a Private-Public Partnership model.

“Nigeria called on the Bank to conclude preparations and commence the implementation of pending projects approved by the Bank”, the statement added.

Also, the statement noted that Permanent Secretary of the ministry, Dr. Mahmoud Isa-Dutse who led the delegation as representative of the minister 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”, the statement said.

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