Lekki Gardens says it has completed the successful redemption and repayment to all subscribers of its
N3.48 billion series 1 (tranche A) commercial paper issuance under the N25 billion commercial paper
programme approved by FMDQ Securities Exchange Limited in June 2022.
The company, in a statement on Thursday, commended the market for the support and confidence reposed in her brand and operations.
Dr Richard Nyong, the managing director and chief executive officer of Lekki Gardens while speaking
on the successful CP redemption stated “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.”
According to the statement, 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 statement revealed that the company has 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. The company remains committed to delivering value to its various stakeholders and is
confident in its capacity and ability to continue to blaze the trail in the sector,” the statement said.
