BusinessDay

Pomegranate Nigeria Limited secures ₦2.25 billion ijarah Sukuk Funding

Pomegranate Nigeria Limited (PNL,) a fast-emerging third-party logistics company, has successfully raised two billion, two hundred and fifty-one million, five hundred thousand Naira (N2,251,500,000.00) Al-Ijarah Sukuk 3-year Note through WealthBridge Capital Partners Limited.

An emerging market leader in the sourcing and delivery of raw materials finished goods, and international supply chain finance required across industries such as Food and Beverage, Home and Hygiene, Telecoms, Healthcare, and others. Pomegranate has assumed a leading role in the quality and efficient service delivery required by its clients, thereby allowing them to focus on other parts of their businesses.

In partnership with United Capital Trustees Limited as Lead Trustees,PNL issued the Private Sukuk Al-Ijarah Notes to raise funding to purchase 40 new logistic trucks to meet recently signed contracts with the likes of FrieslandCampina WAMCO Nigeria PLC, Suntory Beverage and Foods Ltd, and Seven-Up Bottling Company Plc. The Sukuk was certified by Sheik Sohail Zubairi, an Internationally Certified Sharia Advisor and Auditor from United Arab Emirates (UAE),

Mr Wole Elusakin, Chief Executive Officer, of Pomegranate, said, “the fund-raising process completion represents a major milestone for Pomegranate Nigeria Ltd (PNL). It further increased the ability of the company to take on new business challenges head-on as access to an alternative source of funding will help PNL meet its expansion strategy and give room for further growth of our business operations in the medium term.”

“Pomegranate Nigeria Limited (PNL) is a Third-Party Logistics Company (3PL) that was able to attain an investment-grade rating (A-) from Data Pro for the Notes, further reasserting its commitment to excellent delivery in its mandate. This private note issuance will enable Pomegranate Nigeria Limited (PNL) to expand its activities in the haulage and logistics business. Given the numerous opportunities in the 3PL space, WealthBridge is committed to the growth of the logistic industry.”

In his speech, the Group Managing Director/Chief Executive Officer of WealthBridge Group, Mr. Ahmed Lawal, noted that WealthBridge is delighted to act as the Arranger on the Transaction. We are a diversified financial service group with expertise in project and structured finance, Capital Markets, and Private Equity. With sustainable and innovative solutions at the core of our service offerings, we offer financial advisory services to speak to the specific business needs of our clients across various sectors of the economy. This transaction speaks to how effective we are at what we do.

“From transportation & Logistics to Agriculture, Real Estate, and the Energy sector, Wealthbridge Group is leaving indelible business footprints along the way. We are a team of astute business leaders that brings together a wealth of experience in local and international Financial Services that cuts across Investment Banking, Equity Research, Private Equity, and Private Wealth Management.”

This achievement represents a boost for all the parties that made this happen, most importantly, for the enhancement of logistic service delivery in the country and job creation opportunities that it presents across the board.