In 2020 and 2021, the federal government of Nigeria (FGN) issued forward leases (Al-Ijarah fi al-Dhimmah) sukuk or certificates due in 2027 and 2031 respectively. FGN Roads Sukuk Company PLC was created as a special purpose vehicle (spv) that was set up through the debt Management office (DMO) . The SPV would mobilize the expected funds for road construction within the six geopolitical zones in Nigeria.

Sukuk, like other certificates and noted have equal value of un-divided ownership in tangible assets or usufructs.The asset process and underlying contracts for the suku were approved by the Financial Regulation Advisory Council of Experts (FRACE), thus making it shariah compliant. Practically, Etiqa already bought the sukuk and is simply retailing it in the form of a sukuk backed note.

This means the funds can be called on demand since the sukuk is already acting as the collateral for the fund.