Lekki Gardens Estate Limited has completed the issuance of its ₦11.45 billion Series 2 Commercial Paper under its ₦25 billion Commercial Paper Programme approved by the Securities and Exchange Commission (SEC) in November 2025, marking a significant milestone in the Company’s participation in Nigeria’s short-term debt capital market.
Originally offered at ₦10 billion, the March 2026 issuance attracted strong participation from institutional and corporate investors, resulting in a notable oversubscription and subsequent upsizing to ₦11.45 billion.
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Proceeds from the issuance will support Lekki Gardens’ working capital requirements and the completion of several ongoing projects, reinforcing the company’s commitment to delivering high-quality real estate developments.
Commenting on the successful issuance, Richard Nyong, Managing Director of Lekki Gardens Estate Limited, stated:
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“The strong investor participation and oversubscription recorded in this issuance reflect the market’s confidence in Lekki Gardens’ business model, governance standards, and proven track record in delivering quality developments. We remain committed to executing our projects efficiently while creating long-term value for our investors and stakeholders. This successful issuance further strengthens our capacity to accelerate the completion of our ongoing developments and pursue new growth opportunities.”
We appreciate the support of the investing community and our partners, particularly Pathway Advisors, whose expertise significantly contributed to the success of this transaction. We remain focused on delivering high-quality developments while expanding our footprint in Nigeria’s real estate sector.”
In her remarks, Mrs Emily Atebe, Director, Lekki Gardens Estate Limited, said, “We appreciate the strong investor response and confidence shown in Lekki Gardens through this oversubscribed issuance. It reaffirms the strength of our development pipeline, our disciplined execution strategy, and our commitment to maintaining high governance standards. The proceeds will support the completion of key projects and position the company to pursue the next phase of its strategic expansion.”
Also, commenting on the successful transaction, Mr Adekunle Alade (FCA), Founder and CEO of Pathway Advisors Limited, noted that:
“The oversubscription underscores Pathway’s strong ability to mobilise capital from both institutional investors and high-net-worth individuals (HNIs). It also reflects our expertise in navigating complex regulatory environments and structuring effective capital solutions that enable our clients to achieve their funding objectives.”
He added that Pathway remains committed to partnering with credible issuers to unlock financing opportunities within the Nigerian Capital Market, while facilitating efficient access to investment capital that supports sustainable growth and long-term value creation.
About Lekki Gardens Estate Limited
Lekki Gardens Estate Limited, established in 2012, is an indigenous real estate developer specializing in the acquisition and development of residential, commercial, and retail properties throughout Nigeria. The Company has built a strong portfolio of iconic developments and residential communities in prime locations across Lagos, Portharcourt and the Federal Capital Territory, Abuja.
Lekki Gardens is rated A2 (Short Term) and BBB+ (Long Term) by GCR Ratings, and A1 (Short Term) and A- (Long Term) by DataPro Limited.
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