L-R: Suzan Samuel, Chairman, Efficacy Development PLC; Group Executive Director, Damilola Ajiboye; Group Managing Director, Efficacy Development, Oyeleke Ajiboye; Founder, Pathway Advisors Limited, Adekunle Alade; and Co-founder/Director, Alade, at a recent event in Lagos.
Efficacy Development PLC, a 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 percent and 80 percent finished.
Oyeleke Ajiboye, Group Managing Director, Efficacy Development PLC, said that by injecting capital into advanced-stage builds, the company aims to deliver units to the market within two to three months while insulating project budgets from macroeconomic volatility and rising material costs.
Ajiboye said the fund will help the company indirectly expedite ongoing projects and mitigate against inflation and fluctuations in market prices, adding that it gives the company more liquidity and the ability to close out projects faster, keeping investor yields high and making our operations more profitable.
