Veritasi Home Series 1 Up To N10 Billion bond issuance now open for book building

• VeritasiHomes & Properties Plc has opened book building for its Series 1 Bond under a N30 billion programme with a target size of up to N10 billion and pricing guidance of 19.00% to 20.00% per annum
• The bond has a three-year tenor with a six-month principal moratorium, a minimum subscription of N10 million, and will be listed on FMDQ Securities Exchange
• Proceeds will fund the Oyster Towers project in Eko Atlantic City with strong credit ratings and security backed by a deed of debenture over assets valued at N57.19 billion OMV and N40.04 billion FSV

Pathway Advisors Limited (Lead Issuing House/Bookrunner) is pleased to announce that Veritasi Homes & Properties Plc’s Series 1 Bond Issuance is now open for book building.

The first tranche under its N30 billion Bond Issuance Programme, with a target size of up to N10 billion.

The book build opened on Monday, November 17, 2025, and will close on Wednesday, November 26, 2025. The indicative pricing range for the issuance is 19.00% – 20.00% per annum.

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Key Terms of the Offer 

• Issuer: Veritasi Homes & Properties Plc
• Programme Size: N30 billion
• Series Size: Up to N10 billion
• Tenor: 3 years
• Moratorium: 6 months on principal
• Price Guidance: 19.00% – 20.00% per annum
• Minimum Subscription: N10,000,000 (10,000 units at N1,000 per unit)
• Listing: FMDQ Securities Exchange

The Offer is registered with the Securities and Exchange Commission, Nigeria

Use of Proceeds 

Proceeds from the Series 1 Bond will be used to finance Project Oyster Towers, an 82-unit luxury residential development located in Eko Atlantic City. To date, 63% of the units have been off‑taken under a subscription agreement with Cooplag.

Security & Credit Quality 

The Bonds are secured by an existing deed of debenture over Company assets, with an OMV of N57.19 billion and FSV of N40.04 billion. Additional credit enhancements include the domiciliation of receivables from sold units.

• The Bond has strong credit ratings from leading credit rating agencies: – GCR: A  and  DataPro: A
• The Company holds strong credit ratings from leading agencies: – GCR: Short Term Rating – (A3), Long Term Rating – (BBB-)  and DataPro: (A1), Long Term Rating – (A-)

Financial Advisers/Lead Issuing House/Bookrunner:  Pathway Advisors Limited 

Joint Issuing Houses/Book-runners: FirstCap Limited, Renaissance Capital Africa, SCM Capital Limited, Wealthbridge Capital Limited & Lighthouse Capital Limited

Investor Participation 

Qualified institutional investors are invited to participate in the book-building process. Kindly click the link below for access to the Investor Data Room for the offer documents.

Insert Investor Dataroom Link

For further information, please contact: – Opeyemi Akanbi – opeyemi@pathway.ng | 0902 743 2796 – Idris Busari – idris@pathway.ng | 0802 688 6728