Lekki Gardens Redeems N3.48bn Commercial Paper, Repays Subscribers

Lekki Gardens Estate Limited has successfully redeemed and repaid  all subscribers of its N3.48 billion Series 1 (Tranche A) Commercial Paper (CP) issuance.

According to the company, the instruments comes under the N25 billion Commercial Paper Programme approved by FMDQ Securities Exchange Limited last June. It also lauded the market for the support and confidence reposed in its brand and operations.

Managing director and chief executive officer of Lekki Gardens, Dr. Richard Nyong, while speaking on the successful CP redemption said the company is grateful to the market for the support and confidence reposed in her brand and operations.

He said, “We very much appreciate the support and confidence of the market and are happy to have fully redeemed and repaid all subscribers to our first Commercial Paper issuance. This redemption is another testament to the strength and resilience of our business despite the very challenging operating environment.

‘‘The past year was characterized by major headwinds which included the sustained increases in construction material prices, unprecedented rise in energy costs, further weakening of the local currency, rising inflation and interest rates among other factors. But we continue to take all necessary measures to remain focused and adaptable to sustain the brand’s consistent growth and performance over the years.”

The company’s debut into the local Debt Capital Market was in 2021 when she raised N3.5 billion in 3-year tenured Private Notes under the Private Corporate Bond (PCB) window of the FMDQ. The company has to date successfully met all coupon payments in line with the terms of the notes. Lekki Gardens intends to pursue further capital-raise opportunities in the domestic capital market to support its growth strategy.