By Chinedu Mmadu
Pathway Advisors Limited, a foremost issuing house and financial advisory firm in Nigeria, has once again demonstrated exceptional expertise as Financial Adviser, Transaction Sponsor, and Lead Arranger for Veritasi Homes & Properties Plc. The company successfully facilitated the oversubscribed issuance of N6.135 billion Series 1 Commercial Paper under Veritasi’s newly established N20.00 billion Commercial Paper programme.
Originally targeted at N5.00 billion, the offering exceeded expectations, driven by robust investor confidence in Veritasi’s market standing.
This Series 1 issuance follows the expiration of the previous N20 billion Commercial Paper Programme registered in 2022. During that tenure, Veritasi Homes raised N15 billion, with all matured instruments fully settled on schedule.
The 270-day maturity Series 1 Commercial Paper attracted a diverse group of institutional investors, underscoring strong trust in Veritasi Homes’ financial stability, reputation, and creditworthiness.
Mr. Nola Adetola, Managing Director/CEO of Veritasi Homes & Properties Plc, remarked, “The overwhelming success of this issuance highlights the resilience of our diversified business strategy and the confidence the market places in us. We are grateful for the unwavering support from asset managers, insurance companies, and other institutional investors.”
He further explained that the proceeds will be allocated strategically to bolster working capital, enhancing operational efficiency and fostering sustainable growth within the real estate sector.
Adetola also praised Pathway Advisors Limited for their instrumental role in the seamless execution of the transaction.
Reflecting on the achievement, Mr. Adekunle Alade, Founder and CEO of Pathway Advisors Limited, stated, “We take pride in partnering with Veritasi Homes & Properties Plc on this successful Commercial Paper issuance. The oversubscription is a clear indicator of investors’ confidence in Veritasi’s financial health, governance standards, and creditworthiness. We appreciate the continued trust placed in us by Veritasi’s Board and Management.”