Lekki Gardens has raised a N25bn Commercial Paper (CP) on the FMDQ. The signing ceremony was held on Wednesday, June 22, 2022, at the company’s corporate head office in Banana Island, Lagos. Speaking at the ceremony, the Chief Executive Officer, Lekki Gardens Estates Limited, Dr. Richard Nyong, described the approval for the registration of the Commercial Paper Issuance programme by FMDQ Exchange as a big step for the company. 

The ceremony had in attendance all the professional parties to the transaction, including Boston Advisory Limited, who acted as the  Arranger/Dealer/Issuer and Paying Agent; United Capital Trustees Limited as the Trustees; Keystone Bank as Paying and Collecting Agent; SIAO as Auditors and TOLG as Solicitors. 

On the significance of the transaction to the company, Nyong said, “This is beyond a milestone for us. It is a blessing to be here. Six years ago, we had such an incident that everyone felt we would never come back from it. Seeing our business reach this point where there is a huge market acceptance for us up to the market to raise funding is a very significant validation”. “Real estate is very local; it is a matter of choice for the customers. 

This type of funding helps us assist our customers with pseudo-mortgage support. And it helps our business strengthen the delivery system we already have. That is the key thing we are trying to do- making our business more robust, more solid, and strategic in its ability to deliver to our esteemed customers,” he added. Also speaking at the ceremony, the Managing Director, Boston Advisory Limited, Mr. Rotimi Balogun, described the Commercial Paper for Lekki Gardens as a step in the right direction as it would help enhance the process of bridging the housing gap in Nigeria. 

“The housing deficit in Nigeria is estimated at 17 million. The question is, how do you begin to bridge that gap? It is by taking baby steps like we did Today. Also, supporting the market, and one thing that is missing in the game is the private sector. Lekki Gardens having access to good funding for housing delivery is amongst the little things we can do to support the housing deficit and bridge the gap,” he said. The Executive Director, Corporate Services and Business Support, Mrs. Emily Atebe, said: “Today represents a significant milestone for Lekki Gardens in our commitment to enabling the most considerable number of people to make the most value of their property and property-related investments and in the process contribute to closing the critical housing gap.” 

Funding is crucial in real estate development. What we are doing Today aligns with our plans to efficiently diversify our funding sources to ensure steady and sustained financing to meet our commitments. 

FMDQ Securities Exchange Limited, through its Board Listings and Markets Committee, on June 16, 2022, approved the registration of the Lekki Gardens Limited ₦25.00 billion Commercial Paper (CP) Programme. The registration of this CP Programme strategically positions Lekki Gardens Estates Limited to raise short-term finance from the Nigerian debt capital market (DCM) through CP issuances under the Programme that will be quoted on the FMDQ Exchange and admitted for trading.