Pathway Advisors Limited announced on Monday that it acted as the lead issuing house, financial adviser, and transaction sponsor to the N11.45bn oversubscribed Series 2 Commercial Paper Issuance under the N25bn Commercial Paper Programme of Lekki Gardens Estate Limited, approved by the Securities and Exchange Commission, in November 2025.
Originally offered at N10bn, the March 2026 issuance attracted strong participation from institutional and corporate investors, resulting in a notable oversubscription and subsequent upsizing to N11.45bn, it stated in a statement.
“The strong demand underscores sustained investor confidence in Lekki Gardens’ proven development track record, robust governance framework, solid liquidity position, and strong project execution capabilities.
“Proceeds from the issuance will support Lekki Gardens’ working capital requirements and the completion of several ongoing projects, reinforcing the company’s commitment to delivering high-quality real estate developments,” the statement stated.
Commenting on the successful transaction, the Founder and CEO of Pathway Advisors Limited, Mr Adekunle Alade, said, “The oversubscription underscores Pathway’s strong ability to mobilise capital from both institutional investors and high-net-worth individuals. It also reflects our expertise in navigating complex regulatory environments and structuring effective capital solutions that enable our clients to achieve their funding objectives.”
He added that Pathway remains committed to partnering with credible issuers to unlock financing opportunities within the Nigerian capital market, while facilitating efficient access to investment capital that supports sustainable growth and long-term value creation.
Commenting on the successful issuance, the Managing Director of Lekki Gardens Estate Limited, Richard Nyong, stated, “The strong investor participation and oversubscription recorded in this issuance reflect the market’s confidence in Lekki Gardens’ business model, governance standards, and proven track record in delivering quality developments.
“We remain committed to executing our projects efficiently while creating long-term value for our investors and stakeholders. This successful issuance further strengthens our capacity to accelerate the completion of our ongoing developments and pursue new growth opportunities.
“We appreciate the support of the investing community and our partners, particularly Pathway Advisors, whose expertise significantly contributed to the success of this transaction. We remain focused on delivering high-quality developments while expanding our footprint in Nigeria’s real estate sector.”
In her remarks, the Director of Lekki Gardens Estate Limited, Mrs. Emily Atebe, appreciated the strong investor response and confidence shown in Lekki Gardens through the oversubscribed issuance.
“It reaffirms the strength of our development pipeline, our disciplined execution strategy, and our commitment to maintaining high governance standards. The proceeds will support the completion of key projects and position the company to pursue the next phase of its strategic expansion,” she stated.
