Veritasi Homes & Properties PLC has taken a significant step in reinforcing its credibility and resilience in the Nigerian real estate sector with the affirmation of its national credit ratings by Global Credit Rating (GCR) Co.
The agency assigned Veritasi a BBB- (long-term) and A3 (short-term) rating, both accompanied by a Stable Outlook.
This development places Veritasi Homes among a select group of real estate companies in Nigeria to be officially recognized for their financial stability, operational structure, and future-focused governance.
It also signals growing confidence in the country’s property development space at a time when transparency, access to capital, and structured delivery are critical to sustainable growth.
What the Rating Means
According to GCR, a BBB- rating reflects adequate credit quality and assurance that the company is capable of meeting its financial obligations. The A3 short-term rating denotes strong liquidity and operational efficiency in the near term. The Stable Outlook indicates that the company’s performance is expected to remain consistent, with no material financial stress anticipated within the rating horizon.
The rating affirmation follows a thorough review of Veritasi’s audited 2024 financials, strategic growth pipeline, and liquidity profile. Despite a 24.6% decline in revenue due to inflationary pressures and construction cost escalation, the company maintained a sound EBITDA margin of 12.3%, delivered over 318 housing units, and improved its interest coverage to 5.0x. Gross debt was reduced to N3.9 billion from N7.4 billion in the previous year.
A Signal to the Investment Community
The GCR rating provides institutional investors, development partners, and clients with a clear benchmark of Veritasi’s credit standing. It also affirms the company’s ability to structure and deliver real estate products at scale, while maintaining financial discipline.
“With over 3,000 housing units delivered and an expanding pipeline including our Eko Atlantic residential development, we have built our model on cashflow efficiency, delivery excellence, and investor accountability,” said Adetola Nola, CEO of Veritasi Homes & Properties PLC.
The Chief Financial Officer, Babatunde Saka, also added, “We (Veritasi) have worked intentionally to keep our balance sheet efficient, our risk exposure measured, and our liquidity active. This rating by GCR confirms that we are not just all about building homes but also building a financially sustainable company that can respond to investor expectations and market opportunities with precision.”
A Broader Step Forward for the Industry
Beyond corporate validation, the rating points to a maturing ecosystem within Nigeria’s real estate sector. It signals that homegrown developers are evolving with the right governance frameworks, structured funding approaches, and investor-grade credibility.
Veritasi’s vision extends into commercial real estate, with plans underway to develop student accommodation projects in public and private universities across Nigeria. The company is also increasing its focus on diaspora-driven investment solutions, reinforcing its currency resilience and earnings sustainability.
Veritasi remains committed to raising the standard for real estate development in Africa.
About Veritasi Homes & Properties PLC
Veritasi Homes & Properties PLC is a full-service real estate development company headquartered in Lagos, Nigeria. Founded in 2017, the company focuses on designing and delivering residential and commercial properties that meet the evolving needs of urban Nigerians and global investors.
With a foundation built on trust, innovation, and responsible growth, Veritasi continues to shape the future of real estate through scalable projects, efficient capital deployment, and a commitment to quality across every asset.
To learn more, visit www.veritasihomes.com
Contact us at hello@veritasihomes.com
