Haldane McCall Unveils Strategic Growth Push Across West Africa

Haldane McCall Plc has announced an ambitious strategic expansion plan to scale its affordable housing developments and strengthen its ‘Suru Express’ hotel brand across West Africa.

The move follows shareholder approval and a N250 billion capital raise through a rights issue and debt issuance, aimed at accelerating housing and hotel projects in high-demand urban markets.

A statement by the company indicated that it is currently developing a 1,200-unit residential project in Majidun, Lagos, following the successful delivery of 48 housing units in Porto Novo, Benin Republic, and 34 units in Ketu, Lagos. The expansion of the Suru Express brand remains central to its growth strategy, with new hotels planned across major Nigerian cities to meet the rising demand for affordable, high-quality accommodation.

Group managing director/chief executive officer, Haldane McCall, Dr Edward Akinlade said, “Our expansion strategy is about scale and sustainability. We are investing in the communities we serve, building affordable homes and reliable hotels that reflect the aspirations of a growing West African middle class. The fresh capital injection allows us to accelerate project delivery, grow our Suru Express footprint, and deliver consistent value for our shareholders.”

Haldane McCall’s expansion is underpinned by a strong 2024 performance, following its listing on the Nigerian Exchange (NGX) in November 2024. The company recorded a 109 per cent increase in revenue to N3.64 billion, with profit before tax rising 168 per cent to N1.01 billion and total assets up 22.8 per cent to N21.99 billion.

With assets nearing N22 billion and an expanding project pipeline, Haldane McCall is positioned to benefit from rising urbanisation and increasing demand for affordable housing and hospitality across West Africa.

Capital market analysts explained that the combination of asset-backed growth, recurring income streams, and transparent market listing on the Nigerian Exchange (NGX) would make Haldane McCall an attractive long-term investment opportunity in Nigeria’s evolving property and hospitality sectors.