Nigeria’s Brains and Hammers Raises NGN 8 Billion Sukuk Funding from Private Capital Market

Nigerian-based commercial and residential real estate company, Brains and Hammers Limited, has announced an NGN 8 billion Sukuk investment funding from the private capital market, according to local media reports. The Sukuk was funded by a group of lenders in the private sector, and backed by ARM and Fidelity Bank.

Why it matters?

The Sukuk fund will expedite the delivery of the mega 4,500 units Bungalow City project in Abuja, Nigeria, which will aid the housing deficit for low-income earners. The Sukuk investment is indicative of the investors’ confidence in Brains and Hammers’ goal of providing affordable housing across Nigeria, and puts the company on course to deliver its growth plan. Apart from the provision of affordable housing and...