Pomegranate Nigeria Raises NGN 2.25 Billion Through Ijarah Sukuk Offering

Pomegranate Nigeria Raises NGN 2.25 Billion Through Ijarah Sukuk Offering

https://islamicmarkets.com/articles/pomegranate-nigeria-raises-ngn-2-25-billion-through-ijarah-sukuk-offering
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Pomegranate Nigeria Limited (PNL) has announced the successful issuance of Ijarah Sukuk worth NGN 2.25 billion (USD 5 million) for a 3-year tenure via private placement and through WealthBridge Capital Partners Limited, as disclosed during the contract signing event in Lagos.

Why it Matters?

The offering was intended to acquire money for the acquisition of 40 new logistical vehicles needed to fulfil previously finalised contracts with companies such FrieslandCampina WAMCO Nigeria, Suntory Beverage and Foods Ltd, and Seven-Up Bottling Company. According to PNL’s Chief Executive Officer, Wole Elusakin, it will also act as an alternative source of capital to assist PNL in pursuing its expansion strategy and taking on new business challenges.

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