FirstCap Drives Real Estate Financing with Lekki Gardens’ ₦25bn Commercial Paper Issuance

FirstCap Limited, a prominent investment banking and capital markets advisory firm and subsidiary of First HoldCo Plc, has announced its role as Joint Issuing House and Placing Agent in the successful structuring and execution of a ₦25 billion Commercial Paper (CP) Programme for Lekki Gardens Estate Limited.

The transaction reinforces FirstCap’s standing as a key player in Nigeria’s debt capital markets, delivering innovative financing solutions that bolster infrastructure development while creating long-term value for institutional investors.

The Lekki Gardens CP issuance highlights FirstCap’s capacity to achieve strong outcomes despite evolving market conditions. It also supports two national economic priorities: deepening the capital market by expanding issuer participation and diversifying instruments to enhance liquidity; and strengthening real estate financing by providing sector operators with flexible, cost-efficient alternatives to bank credit, thereby accelerating project delivery.

Subsequent issuances under the Programme will finance Lekki Gardens’ general corporate needs and working capital requirements, enabling sustainable growth across its property portfolio.

“This transaction exemplifies FirstCap’s commitment to designing capital solutions that drive long-term value,” said Ukandu E. Ukandu, Managing Director, FirstCap. “Our work with Lekki Gardens highlights our ability to mobilise institutional capital, navigate regulatory complexity, and structure financing that fuels Nigeria’s economic progress. As infrastructure demands rise, we remain focused on bridging the funding gap with innovative, investor-friendly instruments.”