Trending
- Kenya-Ethiopia Trade Relations: Legislators Advocate for Policy Alignment to Boost Ties
- Visualising the state of debt in Africa 2024
- Abu Dhabi radiates optimism as over 300 startups join AIM Congress 2024
- TLcom Capital Raises $154 million in Funding to Boost Its African Growth
- Africa’s $824Bn debt, resource-backed opaque loans slowing growth — AfDB
- LB Investment brings $1.2 trillion portfolio display to AIM Congress spotlight
- AmCham Summit kicks off, setting course for robust future of US-East Africa trade ties
- Why the UN is raising the red flag on the UK-Rwanda asylum treaty
Browsing: Nigeria’s stake in Shelter Afrique
Shelter Afrique recently finished its first bond issuance in Nigeria’s capital market, which was a 46 billion nairas ($110.7 million) Series 1 Fixed Rate Senior Unsecured Bond Issuance. This was done as part of Shelter Afrique’s 200 billion nairas ($481.3 million) bond issuance programme, which will be used for the development of housing and urban areas in Nigeria.
Shelter Afrique was able to exercise the ‘green shoe’ option and raise an additional 6 billion (US $14.4 million) more than the original 40 billion plan (US $96.3 million) because the dual-tranche bond issuance was oversubscribed by 60.7%, with the order book peaking at 64.3 billion (US $154.6 million). This allowed Shelter Afrique to raise an additional 40 billion (US $96.3 million).
The high rate of oversubscription is evidence that investors have faith in Shelter Afrique’s mission to facilitate the construction of housing in Africa, as well as the institution’s excellent management …
The Federal Republic of Nigeria commits $29.3 million in additional capital to Shelter Afrique making it the second-largest shareholder after Kenya.
Nigeria takes the second largest shareholding after Kenya with each acquiring 14.77 per cent and 14.87 per cent respectively with the African Development Bank acquiring 14.28 per cent of the shareholding.
In additional capital contribution, the Shelter Afrique also confirmed additional funds of $6.6 from Rwanda, Uganda, Lesotho, Mali, Namibia, Togo, Zimbabwe, and Swaziland.
The Shelter Afrique’s Group Managing Director, Mr. Andrew Chimphondah praised Nigeria’s government for showing confidence in the institution and giving a stamp of approval for the organization’s financial turnaround.
“We are grateful to the Nigerian government for their continued support and the importance they have placed on affordable housing. We are especially grateful to the Honourable Minister for Works and Housing, Babatunde Fashola for demonstrating this support through honoring this significant payment. We also recognize …