Pathway Advisors Limited has taken the lead as the Issuing House, Financial Adviser, and Transaction Sponsor for the N11.45 billion Series 2 Commercial Paper issuance by Lekki Gardens Estate Limited. This issuance falls under the company's N25 billion Commercial Paper Programme, which received approval from the Securities and Exchange Commission (SEC) in November 2025.
Originally launched at N10 billion in March 2026, the offering attracted substantial interest from institutional and corporate investors, resulting in a significant oversubscription that allowed for an increase in the total offer to N11.45 billion.
Pathway Advisors attributed the strong demand from investors to the sustained confidence in Lekki Gardens’ successful development history, governance standards, liquidity profile, and its ability to deliver projects within the Nigerian real estate market.
The company further stated that the funds raised from this commercial paper issuance will be used to enhance Lekki Gardens’ working capital and assist in completing several ongoing real estate projects, demonstrating the firm’s dedication to providing quality housing solutions.
Adekunle Alade, Founder and CEO of Pathway Advisors Limited, remarked that the successful issuance represents the firm's proficiency in mobilizing capital from a wide range of investor groups, including institutional investors and high-net-worth individuals.
He commented, "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 to assist our clients in meeting their funding goals."
Richard Nyong, Managing Director of Lekki Gardens Estate Limited, expressed that the substantial response to the offer exemplifies the market’s confidence in the company’s business model and its proven record in delivering top-tier 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,” stated Nyong.
He emphasized that this successful issuance will boost the company's financial strength, enabling the faster completion of ongoing developments while also allowing it to pursue new growth opportunities in the real estate sector.
Emily Atebe, Director of Lekki Gardens Estate Limited, highlighted that the strong investment response reaffirms the company’s disciplined project management approach, solid development pipeline, and commitment to maintaining high corporate governance standards.
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