Veritasi Homes Raises N5bn Through Commercial Paper Issuance

Veritasi Homes & Properties Plc has raised N5 billion through a commercial paper issuance, part of its efforts to secure funding for real estate development projects.

The Company launched N5.0 billion Series 1 CP under its N20 billion Commercial Paper Programme and the offer closed on July 18, 2025.

This new Programme succeeds the previous N20 billion CP Programme registered in 2022, which has now expired. Under the expired Programme, the Issuer successfully raised up to N15 billion, with all matured obligations fully redeemed as of their respective due dates.

The company said, “the real estate industry has shown positive potential, and more growth is expected as Millennials and Generation Z are globally becoming increasingly savvy in real estate investing. The investment rationale for owning real estate remains attractive despite macroeconomic shocks and political forebodings regardless.”
It added that, due to the country’s high and growing population, which has increased the strong need for basic shelter, the residential real estate market (both rental and sales) is considered the largest segment, accounting for circa two-thirds of the industry’s demand and supply activities while the commercial segment accounts for the rest.

The company’s revenue maintained an upward trend from 2019 to 2022, reaching a peak of N33.02 billion. However, revenue declined in 2023 and 2024 to N27.23 billion and N20.52 billion respectively, resulting in a five-year CAGR of 18 per cent.

Veritasi revenue has grown from N8.98 billion in 2019 to N20.52 billion in 2024, reflecting a strong performance over the period despite a recent decline. Revenue has been recognised based on sales of affordable homes, premium homes, serviced plots among others.

Gross profit peaked at N13.75 billion in 2022, followed by a sharp decline to N5.56 billion in 2023 and N3.89 billion in 2024. The five-year gross profit CAGR stands at 39 per cent

EBITDA reached a high of N12.51 billion in 2022, then fell to N4.47 billion in 2023 and N2.60 billion in 2024. The five-year CAGR is 26 per cent, with EBITDA margins averaging 19 per cent over the period. Profit before tax rose steadily to N11.13 billion in 2022, before declining to N3.40 billion in 2023 and N2.01 billion in 2024.

Veritasi Homes commenced operations in May 2017 and has built a diverse real estate portfolio and strong track record with operations currently spanning two states (Lagos and Ogun) and the Federal Capital Territory, Abuja. Veritasi Homes has successfully delivered 3,000 housing units including serviced plots and retail outlets to end-buyers in Nigeria.

The company’s strategic approach to land acquisition has enabled Veritasi Homes to build up a formidable landbank in very strategic and choice locations across Nigeria. As a result of its successful business model, the company’s total assets had grown to N45.99 billion as of December 31, 2024, making it one of the largest real estate companies in Nigeria.