Magnificent Multiservices Limited has registered N20billion series 1 Commercial Paper (CP) Programme on the FMDQ Securities Exchange platform.
Exactly N5billion has been accessed already for its proposed city and estate developments through Raedial Homes.
Chief Executive Officer, Uwadiale Agenmonmen, said: “The CP will be used to support our enterprise on many fronts, but largely in solving the building collapsing issues that seem to be currently plaguing Nigeria.
“Experience has taught us that each time a building collapses in Nigeria, built environment professionals in other parts of the world tend to doubt the competence of professionals in the Nigerian Building Industry.
“Building collapse is a global phenomenon, but the frequency at which buildings collapse in Nigeria has attracted a worldwide concern on the need to assist this country to improve on its safety performance. We are ready to take on the challenge.
“The company provides clients with a competitive and expansive platform of offerings in leasing, sales, investment sales, tenant and landlord advisory services, corporate and business consulting, and development.
“Clients also have the benefit of working with professionals in general construction, property and asset management, multifamily management, debt and equity capital placement, and data analytics.
“Our milestone debut market entry will emphasise the necessary collaboration between private entities and debt capital markets, as it enables us to pursue our multi-pronged growth strategy of optimising our operations and assets, expanding our footprint, and revolutionising the real estate sector.”
The quotation of the CP was sponsored by Keystone Bank Limited and issued through Qualinvest Capital Limited.
The paper strategically positions Magnificent Multiservices to raise short-term finance easily and quickly from the Nigerian debt markets.
The company will also benefit from FMDQ Exchange’s diversified market stakeholders, its highly responsive and efficient listing and quotation processes, and credible benchmark pricing required for appropriate portfolio valuation, amongst others.
To commemorate the successful debut on FMDQ Exchange, a director, Claris Agenmonmen, said it was another step in the firm’s bid to expand and find solutions to some of the real estate problems Nigerians face daily.
“The success of this issue and subsequent listings are significant indicators of increasing investor confidence in our company’s reputation, brand, and performance.
“Magnificent Multiservices Limited started as a real estate firm doing great work in real estate investment over the years with investment spread across Edo, Rivers, Lagos and Abuja.
“With the 20billion commercial paper, we intend to go into full development of smart cities and smart homes through Raedial Homes which is our development subsidiary.”