FMDQ Approves Registration of Lekki Gardens Estate N25bn Commercial Paper

FMDQ Securities Exchange Limited through its Board Listings and Markets Committee, has approved the registration of the Lekki Gardens Estate Limited N25.00 billion Commercial Paper (CP) Programme on its platform.

Lekki Gardens Estate Limited (“Lekki Gardens” or the “Issuer”) 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, positions the Issuer to raise short-term finance from the Nigerian debt capital market (DCM), through CP issues within its CP Programme limit.

Speaking on the successful CP Programme registration, the Managing Director/ Chief Executive Officer, Lekki Gardens Estate Limited, Mr. Richard Nyong said, “Lekki Gardens is pleased to announce the registration of her N25.00 billion CP programme. As 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”.

According to the Executive Director, Business Support & Corporate Services, Lekki Gardens Estate Limited, Ms. Emily Atebe, “Lekki Gardens 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, Mr. Rotimi Balogun mentioned 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 N25.00 billion Commercial Paper 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 Senior Vice-President, Investment Banking, Boston Advisory Limited, Mr. Adekunle Alade also commented that “we are very delighted with the approval of the N25.00 billion Commercial Paper Issuance Programme for Lekki Gardens Estate Limited. 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 ongoing housing projects”.