Maskh Issue 1: 8.0% Bond

Maskh aims to raise £600,000 from this bond issue and will use the funds to build and connect 19 green mini-grid sites across Bauchi and Jigawa states in Nigeria, bringing reliable, clean electricity to nearly 67,000 people

8%
£600,000
Raised
£47,040
Investors
44
Days to run
59
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Powering Communities Across Nigeria with Clean, Reliable Energy

Across rural Nigeria, millions of people live without access to reliable electricity, relying on diesel generators, kerosene lamps, and costly, polluting alternatives for their most basic energy needs. Maskh is on a mission to change that and has been awarded a RBF grant by Nigeria's Rural Electrification Authority to construct and operate 19 solar mini-grid sites that will provide clean, reliable and affordable electricity to almost 15,000 homes in Nigeria.

67,216 People

Gaining access to electricity across 14,937 households in Bauchi and Jigawa states.

1,881 Commercial Connections

Supporting small businesses, entrepreneurs, schools and health facilities to operate and grow.

177,664 tonnes

Estimated carbon emissions avoided over the 25-year lifetime of the 19 sites, compared to diesel generator use.

3,280 kWp Installed Capacity

Clean solar power across 19 sites.

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About Maskh

  • Directors name(s): Kazim Mahmood (Managing Director) & Qa'im Mahmood (Executive Director)

  • Founded: 1991

  • FLocation: Bauchi and Jigawa states, Nigeria

  • Sector: Green Mini-Grids / Renewable Energy EPC

  • A family-founded engineering company, now in its second generation, with over 30 years of infrastructure delivery in Nigeria

  • Specialises in renewable energy EPC (Engineering, Procurement and Construction), with a growing focus on mini-grid ownership under Nigeria's RBF framework

  • Currently operates 14 live mini-grid sites in Bauchi, with over 400kWp of installed capacity and more than 3,000 active customers.

  • Awarded a Results-Based Financing (RBF) grant by Nigeria's Rural Electrification Authority (REA) in September 2025 to construct and operate 19 new sites.

  • Delivers at well below industry average CAPEX: £252 per connection vs a sector average of £764, and £1,291 per kWp vs a sector average of £5,286

What the Project Investment Will Enable

Funds raised through this bond will co-finance the construction of 19 solar mini-grid sites across Bauchi and Jigawa states in Nigeria, as part of a $5.9 million project budget. The mini grids will provide clean solar electricity to 14,937 households and 1,881 commercial and institutional customers. For households, this means reliable lighting, phone charging, and access to small appliances that improve daily life. For businesses, it means refrigeration, milling, welding, and other productive uses that drive local economic growth. 

Maskh has already completed significant groundwork on the sites and construction is expected to be completed within 24 months of financing being secured. 

Bond repayment will be made from the RBF grant proceeds. This structure means repayment is tied to verified delivery, not to market conditions or commercial revenue.
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Key Product Information

Issuer: Maskh Nigeria Limited

Issuing Country: Nigeria

Investment target: £600,000

Minimum investment: £50

Maximum investment: No maximum

Maturity: 24 months or on repayment of RBF Grant, whichever comes first

Expected interest rate: 8% per annum

Withholding tax rate: 15% (applicable to UK residents who do not invest within an IF ISA)

Interest payment frequency: Semi-annually - beginning 12 months after the issue date.

Capital repayment: Bullet repayment on Maturity or on receipt of payment from the RBF payments whichever is the sooner, with the ability for borrower to repay early with no penalty after 12 months

Financial Instrument: Promissory Note / Interest Bearing Bond

Security: Secured (see details in the Offer Document)

Meet the Maskh Team

Maskh is a family-owned business in its second generation of leadership, now focused on renewable energy mini-grids across rural Nigeria. The management team combines engineering expertise with commercial and operational experience built over decades of Nigerian infrastructure delivery.

Kazim Mahmood

Kazim Mahmood

Managing Director Kazim Mahmood is a seasoned engineer with over 30 years’ experience across aviation, mechanical, civil and electrical engineering, delivering major infrastructure and electrification projects for public and private sector clients across Nigeria.

Qa'im Mahmood

Qa'im Mahmood

Executive Director, Qa’im Mahmood is an engineer with 13 years of experience at Maskh, Qaim led the technical team that constructed and installed the first 14 sites of Maskh under the initial DARES program.

Anita Banu

Anita Banu

Anita has been with Maskh since 2014 and oversees HR and other administrative functions.

Risks

This is a bond issued by a single company (rather than a saving product) and therefore it is recommended that you are careful with the amount you invest. 

You must read the offer document (provided below) where a statement of risks is presented, particularly in section 8 – Risk Analysis Overview 
This page has been approved by Share In Ltd (“ShareIn”) (FRN 603332) on 13/05/2026 as a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000 (as amended). ShareIn’s approval of this page is limited to the communication of it by Lendahand Ethex Ltd (FRN 776908) as an appointed representative of ShareIn.

Documents

Maskh Offer Document

Offer Documents

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