Lekki gardens signs N25bn FMDQ commercial paper

Lekki Gardens Estates Limited, a foremost real estate investment company, has signed the N25bn commercial paper approved for the company by the FMDQ Security Exchange Limited (FMDQ Exchange).

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 on its platform as a big step for the company, which he believes would help to deepen its market offering to customers and unlock value for all stakeholders.

The signing ceremony was held on Wednesday last week, according to a statement by the firm yesterday.

Nyong stated that the transaction was a significant milestone in the drive to revitalise the firm.

He 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 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 pseudomortgage support. And it helps our business to strengthen the delivery system that we already have ongoing. That is the key thing we are trying to do- making our business stronger, 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.