Rating Release 

Agusto & Co. hereby assigns a “Aa-” rating to Family Homes Sukuk Issuance Program Plc’s Series II ₦20 billion Sukuk with a stable outlook. 

The rating expires on 19 September 2025. 

Agusto & Co. hereby assigns a “Aa-” rating to Family Homes Sukuk Issuance Program Plc’s (“the Issuer” or “FHSIP”) ₦20 billion 14% Series II Ijara Lease Sukuk due 2029 (“the Issue” or “the Sukuk”). The rating assigned to the Issue mirrors the upgrade and standalone rating of Family Homes Funds Limited (“FHFL” or “the Sponsor”). The Issuer is a non-operating special purpose vehicle established to issue Sukuk securities in the debt capital market and pass on the proceeds to FHFL to finance the construction of affordable housing projects in Nigeria. The Sukuk is supported by a duly executed Irrevocable Standing Payment Order (ISPO) that authorises monthly deductions from the Sponsor’s account held with the Central Bank of Nigeria (CBN) into a Sinking Fund Account (SFA) managed by the Delegate Trustees to settle obligations. However, Agusto & Co. did not consider this as an enhancement due to a shortfall in the monthly deductions from the ISPO towards settling the final obligations of the Sukuk. FHFL’s rating reflects good asset quality, strong capitalisation, good liquidity and funding profile and the strong support received from the Federal Government of Nigeria (FGN), which is evident from the commitment through the injection of capital in the form of grants.