Smart Residences Limited (SRL), a leading indigenous hospitality firm in Nigeria, has announced the successful redemption of its Series 1 commercial paper and the successful raise of its Series II commercial paper with a 100% subscription rate.
The Series 1 commercial paper, which was issued on April 24, 2024, was redeemed in full on January 16, 2025, demonstrating SRL’s commitment to meeting its financial obligations.
Building on this success, SRL launched its Series II commercial paper, which was met with overwhelming demand from investors. The issue was fully subscribed, with SRL raising ₦2.5 billion from the market.
FMDQ Exchange has approved the quotation of Smart Residences Limited’s ₦2.46 billion Series 2 Commercial Paper under its ₦2.50 billion Commercial Paper Issuance Programme on its platform.
“We are delighted with the successful redemption of our Series 1 commercial paper and the overwhelming response to our Series II issue,” said Aliyu Hassan Aminu, Chief Operating Officer of SRL. “This demonstrates investor confidence in our business strategy and trust in our financial management.”
The proceeds from the Series II commercial paper will be used to support SRL’s growth plans, including the expansion of the company’s hospitality portfolio.
Smart Residences Limited is a leading indigenous hospitality firm in Nigeria, with a portfolio of luxury properties, apartments, and a commitment to exceptional service.
The company’s successful commercial paper issuance is a testament to its financial strength and investor confidence, and is expected to further boost its growth and expansion plans in the hospitality sector.
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