Nigeria’s debt capital market recorded another strong outing this week as Pathway Advisors Limited successfully closed a ₦16.76bn Series 2 Commercial Paper issuance for Veritasi Homes & Properties Plc, with investor demand significantly exceeding the initial ₦12bn target.
The issuance, completed under Veritasi Homes’ newly registered ₦20bn Commercial Paper Programme, drew strong participation from institutional investors, underlining continued appetite for high-yield corporate debt despite broader economic pressures and elevated interest rates.
The 364-day instrument marks another milestone for Veritasi Homes, which has remained active in Nigeria’s capital markets in recent years. The company recently concluded a ₦10bn three-year Series 1 fixed-rate bond issuance at 20%, a move market participants say strengthened confidence in its creditworthiness and repayment capacity.
Speaking on the transaction, the founder and chief executive of Pathway Advisors, Adekunle Alade, said the level of oversubscription reflected growing investor confidence in carefully structured debt instruments and issuers with strong governance credentials.
“The strong oversubscription speaks to the market’s confidence in Veritasi Homes’ performance, governance, and repayment track record,” he said. “We are pleased to continue supporting issuers with strong fundamentals in accessing efficient funding.”
Alade added that Veritasi Homes’ sustained activity in the market since 2022 — including successful issuances and the redemption of matured obligations — had helped reinforce its reputation among institutional investors.
Pathway Advisors said it intends to deepen its role in Nigeria’s capital markets by continuing to originate and execute transactions aimed at supporting corporate financing and capital formation across key sectors of the economy.
For Veritasi Homes, the successful raise is expected to support ongoing expansion plans and provide additional liquidity for operations across its property development portfolio.
The managing director and chief executive of Veritasi Homes, Nola Adetola, described the outcome as a validation of the company’s business model and market reputation.
“This result reflects the resilience of our business model, our growing market reputation, and the continued trust of the investment community,” he said. “We are grateful to all institutional investors for their confidence in Veritasi Homes.”
Adetola said proceeds from the issuance would be channelled towards working capital requirements, liquidity enhancement and the completion of ongoing real estate developments. He also commended Pathway Advisors for its role in structuring and executing the transaction.
