Indigenous real estate development and construction company, Efficacy Development Plc, has successfully completed its maiden ₦6.67 billion Series 1 Commercial Paper (CP) issuance under its ₦50 billion CP Programme, marking a significant milestone in the Company’s corporate financing and growth trajectory.
The successful debut issuance represents an important step in Efficacy’s participation in Nigeria’s debt capital market, providing the Company with access to an additional source of short-term funding to support its operational requirements, strengthen working capital and advance the execution of its strategic development projects.
The successful completion of the transaction also underscores the growing depth of Nigeria’s institutional investment market and the confidence investors continue to demonstrate in well- structured investment opportunities backed by credible businesses, sound management and established operating track records.
The Company will deploy proceeds from the issuance toward working capital needs, including supporting the completion of key projects.
The additional funding capacity is expected to enhance operational efficiency, sustain project execution and position the Company to pursue its broader growth and expansion objectives.
This transaction provides us with additional financial capacity to support our working capital requirements, strengthen operational efficiency and accelerate the delivery of our ongoing projects.
Commenting on the successful transaction, Chief Executive Officer, Efficacy Development, Oyeleke Ajiboye, expressed appreciation to the investing community for its confidence in the Company, saying:
The successful completion of our maiden Commercial Paper issuance is a strong endorsement of Efficacy’s business fundamentals, diversified operations and long-standing reputation in the real estate and construction industry.
“We are particularly encouraged by the confidence demonstrated by asset managers, insurance companies and other institutional investors.
“This transaction provides us with additional financial capacity to support our working capital requirements, strengthen operational efficiency and accelerate the delivery of our ongoing projects.
“We remain committed to disciplined execution, sustainable growth and the creation of long-term value for our customers, investors and other stakeholders.
Commenting on the transaction, Founder and Chief Executive Officer of Pathway Advisors Limited, Adekunle Alade, described the successful issuance as a significant achievement for Efficacy and a further demonstration of the firm’s capacity to structure and execute capital market transactions for credible Nigerian businesses.
He said: “Efficacy’s maiden entry into the debt capital market is an important test of its credibility, financial fundamentals and ability to attract institutional capital.
“Efficacy Development Plc has successfully taken this important step, and the completion of its ₦6.67 billion debut Commercial Paper issuance reflects the confidence investors have placed in the Company, its management and its growth prospects.
