…Redeems N452.63m Series 1 CP
Precise Lighting, a provider of energy-efficient lighting and interior solutions, has broadened its offerings by positioning as a comprehensive provider of infrastructure and lifestyle solutions.
The company’s diversification includes escalators, elevators, HVAC systems, gym equipment, and premium interior products, while reinforcing partnerships with architects, developers, and interior designers.
Stephen Onaola, founder/CEO, Precise Lighting, said a statement that the firm’s investments in supply chain infrastructure and warehousing capacity have enabled the company to keep pace with growing demand.
He also announced the successful full redemption of its ₦452.63 million Series 1 Commercial Paper (CP).
“The successful redemption of our debut commercial paper reflects the resilience of our business model and the confidence the market has placed in us. We sincerely thank our investors and partners for their trust. This accomplishment strengthens our ambition to deepen capital market access and accelerate our expansion,” Onaola stated.
According to him, the company has repaid all investors in accordance with agreed terms, reaffirming its financial strength and market credibility.
He disclosed that the redemption marks Precise Lighting’s debut in Nigeria’s debt capital market and the first issuance under its ₦3.5 billion CP programme, which was structured to support short-term working capital needs during a period of rapid growth.
According to him, the transaction reflects the company’s strong liquidity position, prudent financial management, and disciplined execution. He stated that key initiatives included the launch of a flagship experience centre in Lekki Phase 1, aimed at enhancing customer engagement and strengthening brand presence.
“Over the past year, Precise Lighting has delivered impressive results, increasing revenue from ₦1.1 billion in 2023 to ₦1.7 billion in 2024. This 55 percent year-on-year growth was driven by deeper retail market penetration and an expanding B2B client base.”
He disclosed that the Series 1 CP was arranged by Afrinvest Capital Limited as Lead Issuing House, with Apel Asset Limited, Cordros Capital Limited, and DC Securities Limited acting as Joint Issuing Houses. Emergence Capital Partners Limited served as the exclusive financial adviser to the issuer on the ₦3.5 billion CP programme.
