Efficacy Development PlC, a leading indigenous real estate development and construction company, has successfully completed its maiden ₦6.67 billion Series 1 Commercial Paper (“CP”) issuance under its ₦50 billion Commercial Paper 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 such as Eighteen65 Ikeja (Block A), Eighteen65 Victoria Island, and Peak Resorts & Golf Course. 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.
Commenting on the successful transaction, Engr. Oyeleke Ajiboye (PhD, FNSE), Chief Executive Officer of Efficacy Development Plc, expressed appreciation to the investing community for its confidence in the Company, stating:
“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.
We also appreciate Pathway Advisors Limited for its professionalism, strategic guidance and commitment throughout the transaction, from structuring to successful completion.”
Commenting on the transaction, Mr. Adekunle Alade (MBA, FCA, M.CIoD), Founder and Chief Executive Officer of Pathway Advisors Limited, 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 stated:
“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.
At Pathway Advisors, we are particularly proud to have partnered with Efficacy in achieving this milestone. Our role goes beyond facilitating access to capital; we are committed to providing strategic financial advisory solutions that enable businesses to unlock funding opportunities, strengthen their financial positions and achieve their long-term objectives.
We look forward to deepening our partnership with Efficacy Development Plc and supporting its future capital-raising initiatives as it continues to expand its footprint and deliver value across Nigeria’s real estate and infrastructure sectors.”
Pathway Advisors Limited acted as the Transaction Sponsor, Financial Adviser, Lead Issuing House and Lead Arranger for the transaction, providing end-to-end transaction advisory, structuring and execution support.
About Efficacy Development Plc
Efficacy Development Plc is an indigenous real estate development and construction company with over 18 years of operating experience, delivering integrated solutions across property development, building construction, civil engineering and infrastructure development.
The Company’s operations span residential and commercial real estate, engineering and design, specialist heavy works, project and programme management, and building and civil construction. Its service portfolio encompasses architecture and interior design, building services, project management, pile foundation, dredging, reclamation, civil and structural works, as well as sewage and water treatment.
Efficacy has established a strong operating track record, having successfully delivered over 26 residential estate projects, sold 2,042 houses and 4,112 plots of land to more than 6,200 customers, and built a land bank of approximately 248 hectares across Abuja, Lagos, Ogun, Rivers and Osun States. The Company also has experience in executing large-scale infrastructure and industrial projects.
Its diversified capabilities established project portfolio and extensive operating experience position the Company to participate in the continued development of Nigeria’s real estate, construction and infrastructure sectors.
Efficacy Development Plc is rated A3 (Short Term) / BBB- (Long Term) by Global Credit Rating Company (GCR) and A2 (Short Term) / A- (Long Term) by DataPro Limited.