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8 million Nigerians benefit from cash transfer programme, says Buhari
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FG, Cross River Set to Build 1,000 Social Housing Units
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Family Homes Funds (FHF)
To date, the fund has financed the development of 11,700 affordable homes in Bauchi, Delta, Ogun, Kano, Nasawara, Kaduna, Yobe, Borno and Adamawa states. It targets to spend $3 billion on this class of homeowners. x
The agreement was signed by the FHFL Managing Director, Mr. Femi Adewole and its Chairman, Alhaji Suleiman Barau, while the minister, Mrs. Zainab Ahmed represented the Ministry of Finance, Budget and National Planning.
Over the next four years, the fund aims to invest up to $3 billion (N1.3 trillion) in the development of 500,000 housing units for the low-income groups. In the process, the company will create 1.5 million jobs and enable homeownership through its creative products.
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This is the first
Sukuk to be registered by the Securities and Exchange Commission (SEC) and certified by the Financial Regulation Advisory Council of Experts (FRACE) of the Central Bank of Nigeria (CBN).
The development marks Family Homes Funds debut in the country’s debt capital markets.
The issue for a seven-year and 13 percent bond will be due in 2028 under Family Homes Fund N30 billion Sukuk programme.
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“The issuance was 2.1x oversubscribed,” Franklin Eseagwu, company secretary, said in a statement on Thursday.
“The Book Build process for the transaction was launched on Friday, June 25, 2021, and was completed on Tuesday, July 6, 2021. The transaction was well received and attracted significant demand from a wide range of high value and quality investors, including pension funds, ethical funds, fund managers, non-finance Islamic institutions, trustees, corporate and high net worth individuals.
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