FMDQ Approves Lekki Gardens’s N25bn CP Programme
FMDQ Security Exchange Limited (FMDQ Exchange) has approved N25 billion Commercial Paper (CP) Programme for Lekki Gardens Estates Limited, Nigeria’s foremost real estate investment company.
Speaking at the signing ceremony in Lagos recently, the Chief Executive Officer, Lekki Gardens Estates Limited, Dr. Richard Nyong, described the approval for the registration of the CP 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.
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.”
Also speaking at the ceremony, the Managing Director, Boston Advisory Limited, Mr. Rotimi Balogun, described the CP 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.”