Nigeria’s Federal Government Completes NGN 10 Billion Corporate Sukuk Issuance for Affordable Housing Development

The Federal Government of Nigeria, and its partners in the private sector, under Family Homes Funds Limited (FHFL), have completed the issuance of a seven-year NGN 10 billion corporate Sukuk, which will go towards financing the development of affordable housing in the country.

Why it Matters?

The Series I Ijarah Lease Sukuk which is expected to mature in 2028, comes under FHFL’s NGN 30 billion Sukuk Issuance Programme which targets affordable housing development. The Sukuk is the first-ever Securities and Exchange Commission (SEC)-registered corporate bond to be issued in Nigeria and certified by the Financial Regulation Advisory Council of Experts of the Central Bank of Nigeria. The issuance also marks FHFL’s debut in Nigeria’s deb...