Veritasi plans dual listing on NGX, NYSE

Amid economic hardship in the country, Veritasi Homes and Properties Limited has announced plans to list on the Nigerian and New York stock exchanges in the first quarter of 2024.

Founder and Chief Executive Officer of the firm, Adetola Nola, disclosed this as the company opened its new head office in Ikoyi, Lagos, to celebrate its sixth anniversary in the real estate market.

Nola said the move was designed to mobilise capital for investment in projects and businesses with the firm’s Pan-African expansion phase to markets such as Nairobi in Kenya, Accra in Ghana and Johannesburg in South Africa to catalyse profitable financial returns and positive social impact.

“We are going to be listed on the NGX Limited and New York Stock Exchange.

The listing for the NGX should come this year or the latest first quarter of 2024. I am going to be in New York in two weeks to start the conversation about the listing. We are working towards it and we have all of our documents ready.

“The next phase for us as a Nigerian company is pan-African expansion and it is starting immediately because we are resuming work here on August 7,” he said.

Nola said the firm has leveraged hard work, human capital, stakeholder management, innovation and the vibrancy of the team to serve its partners and provide quality investment, development and management for six years.

Recall that the firm had announced the successful maturity and redemption of its debut series 1 and 2 commercial paper under its N10 billion issuance programme, which was issued earlier in 2022 on the Financial Market Dealers Quotation (FMDQ) Securities Exchange Limited.

The 270 days series 1 – N2.526 billion and series 2 – N3 billion, which matured on December 30, 2022, were redeemed on December 28 ahead of their maturity date, according to the firm.

Nola said the firm’s project and finance structure led to the commercial paper race last year, adding that this year, it aims at doing bonds for its long-time funds and project.

Speaking on how the firm has survived the inflation and high forex in the market, Nola said: “What we do for our constructions is forward buying and another reason why we came to Ikoyi is because most of our projects are positioned in a place we can trade in USD, a more stable currency.

“We are here so we can play in markets such as Eko Atlantic, Ikoyi, Banana Island and all of these places we can trade and edge our trading in USD.”