Nigeria’s Purple Urban Raises NGN 5 Billion Via Sukuk to Fund Construction of Housing Units

Nigeria-based Purple Urban, part of the Purple Group, has completed the private issuance of its Sukuk to raise NGN 5 billion. The bond issuance was fully subscribed, with a maturity date of the 1st of September 2026.

Why it Matters?

The Sukuk was issued to fund the construction of 94 out of 112 housing units in urban residential development in Lekki Phase 1, Lagos, Nigeria, consisting primarily of 4-bedroom semi-detached maisonettes and penthouses, as well as 2-, 3- and 4-bedroom flats.

Details

Cardinal Stone Partners Limited was the bond lead arranger, with Marble Capital Limited and One17 Capital Limited serving as joint Shariah advisers. Olaide Agboola, Chief Executive Officer at Purple Group, remarked that Suku...