NIGERIA: The Lagos state government’s Series II NGN20 billion (US$43.21 million) forward Sukuk Ijarah issuance was oversubscribed by 15% as it received NGN23 billion (US49.69 million) in subscriptions, reported The Nation. Proceeds from the issuance will be used to finance the construction and rehabilitation of the Awoyaya section of the Eti–Osa–Lekki–Epe Expressway. The Sukuk facility carries a seven-year tenor and a fixed rate with a guidance rental rate between 14.5% and 14.68%.