Efficacy Development signs N50 billion commercial paper deal to accelerate housing delivery
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Nigerian real estate developer Efficacy Development PLC has signed a N50 billion commercial paper agreement with Pathway Advisors Limited to complete ongoing projects and expand its housing portfolio.
Efficacy Development PLC, a Nigerian real estate developer, has signed a N50 billion commercial paper agreement with Lagos-based investment bank Pathway Advisors Limited (PAL) to accelerate property completion, hedge against inflation and expand its housing portfolio.
According to the company, the N50 billion short-term facility will serve as critical working capital, allowing it to complete ongoing residential and commercial projects that are currently between 30 per cent and 80 per cent finished, with a target of delivering units to the market within two to three months.
Oyeleke Ajiboye, Group Managing Director of Efficacy Development, said injecting capital into advanced-stage builds would insulate project budgets from macroeconomic volatility and rising material costs. Adekunle Alade, founder and Group Managing Director of Pathway Advisors, said the instrument helps companies finance working capital requirements, adding that targeting near-complete assets ensures fast capital turnover.
The company said completed housing units will be accessible to buyers through structured payment options, including mortgage access via the National Housing Fund and the MOFI Real Estate Investment Fund (MREIF), further driving its affordable housing expansion.
Suzan Samuel Joseph, Chairperson of Efficacy Development, described the agreement as a strategic leap that unlocks fresh sales funnels and strengthens the company's balance sheet for future developments. Keystone Bank is the receiving bank, with Grey Chapel Legal as legal counsel and Onyeke Onyirioha & Co as auditor.