Haldane McCall projects N1bn profit, unveils N250bn bond plan to tackle housing deficit

Haldane McCall Plc has projected a post-tax profit of N1 billion for the 2025 financial year.

This announcement comes as the real estate and hospitality firm sets its sights on launching a N250 billion bond programme to support its real estate expansion initiative, aimed at addressing Nigeria’s housing shortage.

Speaking at a media briefing in Lagos on Thursday, Edward Akinlade, Group Managing Director, Haldane McCall Plc revealed plans to deliver 650 affordable housing units annually across Lagos and Ogun States through a Public-Private Partnership (PPP).

To kickstart the initiative, Akinlade noted that the company will roll out the first tranche—worth N75 billion—of its N250 billion bond programme before the end of the year.

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“We plan to leverage the capital market. The Nigerian Exchange (NGX) offers access to much-needed funding. We’re working on the bond issuance process, including securing regulatory approvals and obtaining a bond rating before presenting it to the public. Progress is being made,” he said.

Akinlade added, “We operate in both real estate and hospitality sectors. The hotel market in Lagos is lucrative and generates significant cash flow. Our approach is to collaborate with subcontractors and partners to deliver 650 units yearly. Over the next three years, we aim to invest N250 billion in the real estate sector. Additionally, our extensive land holdings in Lagos provide us with opportunities to unlock liquidity.”

He also emphasised the need for government support in reducing construction costs, especially in the mid- to low-income housing segment. “The high cost of building materials is a major barrier. Introducing price controls, a measure adopted in many countries, could offer a solution,” he said.

Reinforcing the company’s vision, Abiola Elugbaju, Deputy Group Managing Director, Haldane McCall Plc stated, “At Haldane McCall, our mission goes beyond constructing houses. We are building communities and delivering long-term value for our investors through innovative partnerships and sustainable investment strategies.”

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.