Lekki Gardens Estates Limited has signed the N25bn commercial paper approved for the company by the FMDQ Security Exchange Limited. The signing ceremony was held at the company’s head office in Lagos.
A statement by the Chief Executive Officer, Lekki Gardens Estates Limited, Dr.Richard Nyong, during the ceremony, 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, saying it would help to deepen its market offering to customers and unlock value for all stakeholders.
The signing ceremony was attended by professional parties in 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 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.
In her remarks, 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 significant 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.”
