In a major show of financial discipline and corporate credibility, Precise Lighting, a leading Nigerian provider of energy-efficient lighting and interior infrastructure solutions, has completed the full redemption of its ₦452.63 million Series 1 Commercial Paper (CP).
The company repaid all investors in line with the agreed terms, reinforcing confidence in its financial strength, management efficiency, and growth strategy.
The Series 1 CP issuance, which marked the company’s debut in Nigeria’s debt capital market, is the first under its ₦3.5 billion Commercial Paper Programme. The programme was designed to provide short-term working capital support as the company embarked on a phase of accelerated expansion.
With the successful repayment, Precise Lighting has demonstrated strong liquidity and solid execution capacity—qualities essential for companies seeking to establish long-term relationships with investors.
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“The successful redemption of our debut commercial paper reflects the resilience of our business model and the confidence the market has placed in us,” said Stephen Onaola, Founder and Chief Executive Officer of Precise Lighting.
“We sincerely thank our investors and partners for their trust. This accomplishment strengthens our ambition to deepen capital market access and accelerate our expansion”, he added.
The Series 1 CP was arranged by Afrinvest Capital Limited, which acted as Lead Issuing House. Apel Asset Limited, Cordros Capital Limited, and DC Securities Limited were Joint Issuing Houses, while Emergence Capital Partners Limited served as the exclusive financial adviser to the issuer on the ₦3.5 billion programme.
The successful CP redemption comes on the heels of a strong financial year for Precise Lighting. The company reported a 55% growth in revenue, rising from ₦1.1 billion in 2023 to ₦1.7 billion in 2024. This exceptional performance was driven by aggressive retail expansion, increased market penetration, and a growing business-to-business (B2B) customer base across the construction, hospitality, and real estate sectors.
Among the major developments fueling this growth was the launch of Precise Lighting’s flagship experience centre in Lekki Phase 1, Lagos. Designed as an immersive, design-forward retail and showroom space, the centre allows customers—ranging from homeowners to interior designers and property developers—to interact with the brand’s expansive product offerings in a hands-on environment. This initiative has helped deepen customer engagement and reinforced the company’s premium positioning in the market.
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Beyond lighting solutions, the company has strategically diversified its offerings to include escalators, elevators, HVAC (heating, ventilation, and air conditioning) systems, gym equipment, and luxury interior furnishings. This expansion reflects a shift in Precise Lighting’s identity—from a specialist lighting brand to a comprehensive provider of infrastructure and lifestyle solutions.
“These additions were not just opportunistic; they were driven by customer demand and our long-term vision to offer holistic solutions for modern buildings and environments,” Onaola added. “By offering everything from smart lighting to elevators and gym equipment, we are making it easier for developers, designers, and homeowners to work with a single, trusted partner.”
Since its establishment in 2011, Precise Lighting has become a trailblazer in Nigeria’s lighting and interior décor space. The company’s core strength lies in its commitment to quality, customer service, and innovation.
Today, it operates a robust retail distribution network and an expanding e-commerce platform, both of which are backed by investments in warehousing and logistics infrastructure to ensure seamless customer experience.
In response to growing demand, the company has also upgraded its supply chain and inventory management systems, allowing for faster delivery timelines and greater operational efficiency.
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With the redemption of its Series 1 CP and plans for subsequent issuances under its ₦3.5 billion programme, Precise Lighting is now well-positioned to deepen its footprint in Nigeria’s fast-evolving real estate and infrastructure ecosystem.
“The capital market will remain an important part of our funding strategy going forward,” Onaola affirmed. “We are building a resilient, scalable business that can thrive in a dynamic environment and consistently deliver value to all stakeholders.”
As it looks to the future, Precise Lighting’s blend of product innovation, strategic diversification, and financial discipline could serve as a blueprint for other mid-sized firms seeking sustainable growth through market-based financing.
