FMDQ approves Lekki Gardens Estate N25bn CP programme

As the leading organiser for the Nigerian debt capital market (DCM) and in its role as a catalyst for infrastructure development, FMDQ Exchange 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) 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 to 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”.

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”.