Firm leads Lekki Gardens’ N11.45bn commercial paper

Pathway Advisors Limited has successfully acted as Lead Issuing House, Financial Adviser and Transaction Sponsor for the N11.45 billion Series 2 Commercial Paper issuance by Lekki Gardens Estate Limited under its N25 billion Commercial Paper Programme approved by the Securities and Exchange Commission (SEC) in November 2025. The issuance, which was initially offered at N10 […]

Pathway Advisors Limited has successfully acted as Lead Issuing House, Financial Adviser and Transaction Sponsor for the N11.45 billion Series 2 Commercial Paper issuance by Lekki Gardens Estate Limited under its N25 billion Commercial Paper Programme approved by the Securities and Exchange Commission (SEC) in November 2025.

The issuance, which was initially offered at N10 billion in March 2026, recorded strong participation from institutional and corporate investors, resulting in a significant oversubscription and a subsequent upsizing of the offer to N11.45 billion.

According to Pathway Advisors, the strong investor demand reflects sustained market confidence in Lekki Gardens’ development track record, governance framework, liquidity profile and project delivery capabilities within Nigeria’s real estate sector.

The company noted that proceeds from the commercial paper issuance will be utilised to support Lekki Gardens’ working capital needs and facilitate the completion of several ongoing real estate developments, reinforcing the firm’s commitment to delivering quality housing projects.

Founder and Chief Executive Officer of Pathway Advisors Limited, Adekunle Alade, said the successful transaction highlights the firm’s capacity to mobilise capital across diverse investor groups, including institutional investors and high-net-worth individuals.

“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 said.

The Managing Director of Lekki Gardens Estate Limited, Richard Nyong, said the strong investor response to the offer reflects the market’s confidence in the company’s business model and track record of delivering quality real estate projects.

“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,” Nyong said.

He added that the successful issuance will enhance the company’s financial capacity to accelerate the completion of its ongoing developments while also positioning it to explore new growth opportunities within the real estate sector.

Director of Lekki Gardens Estate Limited, Mrs Emily Atebe, noted that the strong response from investors reaffirms the company’s disciplined project execution strategy, robust development pipeline and commitment to maintaining strong corporate governance standards.