Pomegranate Secures N2.25bn Ijarah Sukuk Funding

Kayode Tokede 

Pomegranate Nigeria Limited (PNL) has successfully raised N2.25billion Al-Ijarah Sukuk 3-year Note through WealthBridge Capital Partners Limited.

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.

The Chief Executive Officer, of Pomegranate, Mr. Wole Elusakin at the signing ceremony in Lagos said, “the fund-raising process completion represents a major milestone for 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.”