Veritasi Homes and Properties Limited, a real estate development company, is planning a stock market listing on the Nigerian Exchange Group (NGX) as part of efforts to expand its operations.
Nola Adetola, the founder and chief executive officer of Veritasi Homes who made this known during the opening of its new head office in Ikoyi, Lagos as part of activities to mark its sixth anniversary, said that Veritasi targets listing on NGX in the fourth quarter of 2023.
“We are going to be listed on the Nigerian Stock Exchange and the New York Exchange. The listing for the Nigerian Stock Exchange should come in the fourth quarter of 2023 or latest first quarter of 2024,” he said.
“We are already working towards that and we have all our documents. If the Nigerian Stock Exchange has to admit anybody it has to be us,” he added.
He noted that Veritasi Homes was recently recognised by Financial Times in its annual ranking of Africa’s Fastest Growing Companies of 2023 owing to its stellar performances.
Speaking on Veritasi’s sixth anniversary and what it has done differently to remain in business amid the country’s difficult business environment, Nola said hard work, resilience, team vibrancy, collaboration and innovation have helped sustain the business operations.
According to him, the ranking places Veritasi Homes as the only Nigerian real estate company in Africa to make the list.
“Hard work, the vibrancy of the team and the innovation we bring into the game has helped us stay in business and grow. Also, the support of people has helped in bringing us to where we are today,” he stated.
He stated that businesses must continue to evolve to deal with challenges, noting that the luck factor does not apply in entrepreneurship but hard work.
Responding to a question on what he has learned in his entrepreneurship six years journey, the chief executive said he learned that human capital plays the most important role for any organisation to achieve results and deal with issues.
He stated that the business plans to expand its operations across Africa and has chosen Ikoyi for its new head office to enable it to position its projects in places it can easily trade in USD- a more stable currency.
He added that the impact of the country’s accelerating inflation cuts across industries and that his organisation is dealing with it by buying forward materials for all its construction projects.
“Accelerating inflation is a challenge to the industry and other industries. What we have done to deal with it is that we are doing a lot of forward buying for our construction.”
“Last year we slowed down on construction, we went with ITUNU which was an infrastructure project. We want to do our construction work quicker and this year we decided to do more of what people have known us for.”