Ukandu E. Ukandu, managing director/CEO of FirstCap Limited, has reiterated the critical role of the real estate sector and built environment in Nigeria’s economic growth as the country seeks to develop a trillion-dollar economy.
This follows FirstCap recent involvement as the Joint Issuing House and Placing Agent on the Veritasi Homes & Properties Plc’s Series 1 Bond of ₦10 billion under its ₦30 billion Bond Programme, which he said was duly registered with the Securities and Exchange Commission (SEC).
“The establishment of the ₦30 billion Bond Programme reflects our commitment to mobilising capital for the real estate sector, which remains a key driver of Nigeria’s economic growth. We are proud to partner with Veritasi Homes & Properties Plc on this important transaction,” he said in a statement.
According to Ukandu, the bond programme was designed to support the development of Project Oyster Towers, located within Eko Atlantic City. “Project Oyster Towers exemplifies the future of luxury and sustainable living in Nigeria, and this transaction reinforces FirstCap’s role as a trusted advisor in major corporate finance initiatives.”
He stated that proceeds from the series 1 bond issuance are expected to be applied towards the construction of 30 luxury residential units, forming part of an 82-unit residential development comprising one-bedroom, two-bedroom, and three-bedroom apartments.
Ukandu disclosed that FirstCap’s involvement in the bond programme reinforced the company’s dedication to supporting the growth of Nigeria’s real estate sector. “The successful execution of this transaction highlights the depth of expertise within our capital markets team and our role in supporting issuers in accessing long-term funding solutions aligned with their strategic objectives.
“By continuing to connect capital providers with high-impact infrastructure projects such as Project Oyster Towers, we remain committed to driving economic development and delivering long-term value for all stakeholders,” Ukandu statede.
Veritasi Homes & Properties Plc is an indigenous real estate development company with operations across Lagos and the Federal Capital Territory (FCT), Abuja, and a growing interest in the delivery of residential real estate projects across Nigeria.
