• Thursday, December 07, 2023
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Zylus Homes issues N10bn commercial papers to bridge housing deficit

Zylus Homes issues N10bn commercial papers to bridge housing deficit

Zylus Homes has revealed plans to raise funds through the issuance of N10 billion in commercial paper notes under its Commercial Paper Issuance Programme.

The commercial paper signed on Thursday 17th August 2023 was approved by the Board Listings and Markets Committee of the Financial Market Dealers Quotation Securities Exchange (FMDQ).

Speaking at the signing, Oluwatosin Olatujoye, the group chief executive officer of Zylus Homes and Property stated that the commercial paper is set to help the company accelerate the development of its ongoing projects while tackling housing deficit by helping more Nigerians have access to quality and affordable homes.

He also appreciated all the financial and legal partners, advisors, and trustees for their efforts and professionalism in ensuring the approval of the Commercial paper programme.

In his remarks, Adekunle Alade, the managing director of Pathway Advisors Limited said that based on the track records of the company and its ongoing projects, he believes that raising the first series will be easy and that the program will enable the company to achieve its housing goal.

Read also: MTN Nigeria issues N100bn commercial papers

Olufunke Nwanze, the regional manager of Keystone Bank also affirmed that the signing of the CP is a momentous event because Zylus Homes have built a formidable brand in such a short period adding that the CP will help them achieve great potential.

While speaking on this milestone, Wasiu Sonekan, executive director of finance at Zylus Homes affirmed that the money invested will be immediately taken to the site to complete ongoing housing projects which will give room for a greater level of expansion and growth.

The official signing ceremony was witnessed by professional partners and executives including Pathway Advisors Limited, Keystone Bank, Meristem Trustees, DLM Trust company, Africa Law Practice NG and Company, and Joseph Dauda & Co.