As part of its determination propelling businesses, corporates, and government entities to achieve their strategic objectives and ensure prosperity within the Nigerian financial markets and wider economy, FMDQ Securities Exchange Limited (FMDQ) has approved the registration of the Lekki Gardens Estate Limited ₦25bn Commercial Paper (CP) Programme on its platform.
Lekki Gardens Estate Limited, according to a statement, is a leading independent luxury real estate company in Nigeria that provides innovative real estate solutions in the areas of property development, facility management and sales of real estate products and services with special skills in service delivery.
The CP Programme, which is sponsored by Boston Advisory Limited – a Registration Member (Quotations) of the Exchange, the statement noted, positions the Issuer to raise short-term finance from the Nigerian debt capital market (DCM), through CP issues within its CP Programme limit.
Commenting, the Managing Director/Chief Executive Officer, Lekki Gardens Estate Limited, Richard Nyong, said being “a leading player in the real estate sector, we appreciate how critical sustained access to steady sources of funding is to real estate development.
“The approval of this CP programme by the FMDQ Exchange represents a significant milestone in our near-term growth aspirations and further enhances our capacity to unlock value for all our stakeholders,” he added.
Also, the statement quoted the Executive Director, Business Support & Corporate Services, Lekki Gardens Estate Limited, Ms. Emily Atebe, said the company “remains strongly committed to enabling the greatest number of people make the most value of their property and property related investments as we contribute our quota to closing the critical gap in home ownership and development. This issuance is in line with our strategy to diversify our financing options as we continue to deliver on our commitment while efficiently managing our cost of funds”.
Equally, the Managing Director/Chief Executive Officer, Boston Advisory Limited, Rotimi Balogun stressed that “real estate companies represent one of the most attractive investment options and should leverage the debt capital market for effective pricing, good stability, growth capital and enhanced capital structure.
“I am therefore pleased to announce the registration of the ₦25bn CP Programme Issuance for a premium real estate company, Lekki Gardens Estate Limited, in our capacity as Sponsor, Arranger, Dealer and IPA. For my team and I, this registration is a success from all standpoints. And we believe that the groundbreaking transaction in the real estate space will further assist Lekki Gardens in its drive to be the leading real estate development and management company in Africa’s largest market”.
The registration of this CP Programme strategically positions Lekki Gardens Estate Limited to access short term funding at a lower rate from the debt capital market and quickly complete its various on-going housing projects”.
As the Nigerian DCM continues to witness significant activity with diverse corporate institutions tapping the market as an efficient alternative to meeting their funding and liquidity requirements, FMDQ Exchange will continue to provide timely and cost-efficient services to support its stakeholders, particularly issuers and investors, towards accessing capital, managing risks and invariably, improving their corporate profile.