Veritasi Homes & Properties Plc has completed a ₦50 billion non-interest commercial paper programme, giving the real estate developer another avenue to raise short-term funding from Nigeria’s capital market.

The programme was formally executed in Lagos on August 6, 2026, following the completion of the required regulatory and programme processes. It provides Veritasi with a structured platform for raising funds through eligible commercial-paper issuances.

Expanding access to capital

Commercial paper allows companies to raise short-term funds from investors without issuing equity. For real estate developers, the instrument can provide an alternative to conventional bank borrowing for working capital and other approved corporate needs.

The new ₦50 billion programme represents a significant expansion from Veritasi’s previous ₦20 billion Commercial Paper Programme.

Under the earlier programme, the company raised up to ₦15 billion and subsequently redeemed its matured obligations. Veritasi also registered another ₦20 billion programme in 2025, under which it issued Series 1 and Series 2 commercial papers.

Previous obligations redeemed

Veritasi has also demonstrated recent activity in the commercial-paper market.

According to the report, the company redeemed approximately ₦6.13 billion owed to investors on April 17, 2026, under an earlier issuance.

Funds raised through previous programmes supported developments including Camberwall Advantage Series and Tinuola Towers.

Funding pressure remains a challenge for developers

The new financing programme comes at a time when Nigerian property developers are dealing with high construction costs and expensive conventional financing.

The rising cost of building materials, labour, land and infrastructure has increased the amount of capital required to deliver housing projects.

For developers, access to alternative sources of funding can therefore help reduce dependence on bank lending and provide additional flexibility for managing project-related expenses.

However, commercial paper is a short-term financing instrument, meaning companies must carefully manage their cash flows and repayment obligations when individual issuances mature.

₦50bn programme does not mean ₦50bn raised

An important distinction should be made between the ₦50 billion programme size and the amount of money actually raised.

The programme establishes a maximum framework of ₦50 billion under which eligible commercial-paper issuances can be made. It does not mean Veritasi has received ₦50 billion in one transaction.

The actual amount raised will depend on the individual issuances conducted under the programme.

This distinction matters when assessing the potential impact on housing supply. The programme could provide significant additional funding capacity, but its eventual contribution to construction will depend on how much the company raises and how the proceeds are deployed.

Potential impact on housing supply

Greater access to capital could help Veritasi finance construction activities, acquire development inputs and maintain delivery across its housing projects.

The wider significance for Nigeria’s housing market is whether capital-market financing can help private developers overcome some of the funding constraints that limit housing supply.

But financing alone will not solve Nigeria’s affordability problem.

High land and construction costs, infrastructure requirements and limited access to affordable mortgages continue to influence the final price of homes.

A growing role for capital-market financing

Veritasi’s latest programme also highlights the growing role of Nigeria’s capital market in financing real estate development.

Diversifying funding sources can give developers alternatives to traditional bank loans, particularly when interest rates make conventional borrowing expensive.

For the housing sector, the bigger question is whether these financing mechanisms can translate into more homes being delivered at prices that ordinary Nigerians can afford.

Veritasi’s ₦50 billion programme therefore represents an expansion of its potential financing capacity. Its real impact will ultimately be measured by the capital raised under the programme and the housing and other developments that follow.

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FCMB Capital Markets Limited has emerged as the top performer on the Fixed Income Primary Markets Sponsors’ League Table of FMDQ Securities Exchange Limited after raising ₦1.53 trillion in corporate debt capital in 2025.

The firm, which is the investment banking subsidiary of FCMB Group Plc, achieved this milestone through a combination of bond listings and commercial paper quotations on the exchange.

According to FMDQ’s latest report, FCMB Capital Markets led overall sponsor contributions across both segments, reinforcing its position as a dominant player in Nigeria’s fixed-income market.

Strong Market Share Across Segments

In the bond market, the firm accounted for 11.66 per cent of total listings, securing the top position among market participants.

Similarly, in the commercial paper segment, it recorded the highest share of quotations at 7.68 per cent, outperforming other registration members.

The report noted that 58 registration members participated in listings, while 77 were involved in quotations during the period. However, only 47 institutions actively sponsored fixed-income securities listings or quotations, excluding Federal Government instruments.

Leadership Reacts to Performance

Executive Director of Coverage and Investment Banking at FCMB Group Plc, Femi Badeji, attributed the achievement to strong investor confidence and the firm’s execution capabilities.

He noted that mobilising over ₦1 trillion within a single year underscores the growing demand for capital market funding and highlights the firm’s role in connecting issuers with long-term investors.

Also speaking, the Chief Executive Officer of FCMB Capital Markets, Ikechukwu Omeruah, reaffirmed the company’s commitment to helping businesses access both short-term and long-term financing through structured capital market solutions.

Expanding Influence Across Sectors

Over the past five years, FCMB Capital Markets has played a key role in financing transactions across multiple sectors, including oil and gas, power, real estate, financial services, consumer goods, and telecommunications.

The firm’s performance has also earned industry recognition, including being named Corporate Bond House of the Year by the Association of Issuing Houses of Nigeria at the 2025 Investment Banking Awards.

Driving Capital Market Growth

Market analysts say the firm’s dominance reflects broader growth in Nigeria’s debt capital market, as corporates increasingly turn to bonds and commercial papers for funding amid evolving economic conditions.

FCMB Capital Markets continues to provide advisory services across debt and equity financing, project finance, mergers and acquisitions, and corporate restructuring.

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FirstCap Limited, a leading investment banking and capital markets advisory firm, has successfully structured and executed a ₦25 billion commercial paper (CP) programme for Lekki Gardens Estate Limited marking a major funding breakthrough for one of Nigeria’s biggest residential real-estate developers.

The programme, executed under First HoldCo Plc, positions FirstCap as Joint Issuing House and Placing Agent, enabling Lekki Gardens to access a consistent stream of short-term financing to support construction timelines, strengthen operations, and fast-track project completion.

According to a statement from FirstCap, the transaction reflects the company’s expanding influence in Nigeria’s debt-capital-markets ecosystem, where it continues to diversify issuer options, deepen liquidity, and expand fixed-income investment choices for institutional investors.

Future issuances under the CP programme are expected to fund Lekki Gardens’ working-capital requirements and general corporate needs, boosting the company’s capacity to scale ongoing real-estate developments across Lagos and other major cities.

Speaking on the achievement, FirstCap’s Managing Director, Ukandu Ukandu, said the deal showcases the firm’s commitment to delivering capital solutions that support long-term economic growth.

“Our work with Lekki Gardens demonstrates our ability to mobilise institutional capital, navigate regulatory frameworks, and structure financing that accelerates Nigeria’s development goals.

As demand for infrastructure continues to rise, we are focused on bridging the funding gap through innovative, investor-friendly instruments,” Ukandu stated.

With more than 20 years of transactional expertise across multiple sectors, FirstCap remains a major player in capital raising, mergers and acquisitions, and financial advisory, supporting businesses seeking scalable and efficient financing models.

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NASD Plc has opened fresh market access for Jilnas Nigeria Limited with the listing of the company’s N3 billion Series 1 Commercial Paper (CP), the debut issuance under its N10 billion CP Programme.

The offer, which opened on August 27 and closed on September 4, 2025, will mature on June 2, 2026.

Arranged by Pathway Advisors Limited, the 270-day Series 1 CP offers a competitive 25 percent annual yield. The funds will support Jilnas’ short-term working capital as the company strengthens its leadership in the edible oil market.

Adekunle Alade, founder and CEO of Pathway Advisors Limited, described the issuance as a landmark milestone that reflects investor confidence in Jilnas’ strong fundamentals, governance, and long-term growth prospects. He appreciated investors for their support and commended NASD for facilitating a seamless listing process.

NASD’s managing director, Eguarekhide Longe, said the listing is a major boost for the private market ecosystem, noting that more credible companies are turning to NASD’s CP platform for transparent and structured access to capital. He added that the increasing pace of listings signals a healthier and more vibrant market.

Market analysts say the momentum in private CP listings enhances investor confidence and enables well-governed businesses to access capital more efficiently.

Founded in 1992, Jilnas Nigeria Limited is a leading indigenous vegetable oil producer. The company has expanded from a 50 TPD operation to a modern processing facility with a 200 TPD solvent extraction plant, three storage silos, a 200 TPD refinery, and a high-capacity roasting unit.

Jilnas continues to post strong financial performance, growing revenue from N12.79 billion in 2021 to N45.57 billion in 2024. The company also maintains an excellent debt-service record, having redeemed over N4.8 billion in earlier commercial paper and private note issuances.

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