Rating Release 

Agusto & Co. hereby upgrades the rating assigned 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”) to “Aa” with a stable outlook 

The rating expires on 15 September 2026 

Agusto & Co. hereby upgrades the rating assigned 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”) to “Aa”. The Issuer is a non-operating special purpose vehicle established to issue Sukuk instruments in the debt capital market and pass on the proceeds to Family Homes Funds Limited (“Family Homes”, “FHFL” or “the Sponsor”) to finance the construction of affordable housing projects across the country. The upgrade reflects the adequate coverage provided by the credit enhancement from a duly executed Irrevocable Standing Payment Order (ISPO). The ISPO authorises monthly deductions from the Sponsor’s account domiciled with the Central Bank of Nigeria (CBN) into a sinking fund account managed by the delegate trustees to meet the obligations under the Issue. This improvement follows FHFL’s Board approval to extend the monthly deductions to June 2029 from the previous end date of December 2028, effectively addressing the previously identified shortfall in the coverage of the Sukuk payments. The rating is also supported by the Sponsor’s “Aa-” long term rating from Agusto & Co, which reflects its good asset quality, strong capitalisation, good liquidity and funding profile and the continued support from the Federal Government of Nigeria (FGN), demonstrated by successive capital injections in the form of grants.