Godmade Homes Raises N3.70bn in Oversubscribed Commercial Paper Offer

Godmade Homes Limited has completed the issuance of its N3.70 billion Series 1 Commercial Paper under a N10 billion programme, after investors subscribed above the initial target.

The company said the offer, issued in January 2026 at N3.0 billion, closed at 123 per cent subscription, translating to a 23 per cent oversubscription and total commitments of N3.70 billion. The result, according to the firm, reflects investor confidence in its operating model, governance structure, and project pipeline.

Managing Director of Godmade Homes Limited, Mr. Ayoolanrewaju Kuyebi, said entry into the debt capital market is a key part of the company’s expansion plan and aligns with its housing delivery priorities across Nigeria.

Kuyebi said the level of subscription showed confidence in the company’s credit profile, strategy, operations, and execution capacity. He added that funds raised from the issuance will be applied to ongoing real estate projects and other corporate needs, with the aim of delivering homes to customers on schedule.

He also acknowledged the role of Pathway Advisors Limited, which acted as Financial Adviser, Transaction Sponsor, and Lead Arranger on the deal.

According to Kuyebi, the transaction positions GMH Luxury for a wider growth phase and stronger participation in Nigeria’s housing ecosystem.

Founder/CEO of Pathway Advisors Limited, Mr. Adekunle Alade, said the advisory firm was pleased with the outcome and described the subscription level as evidence of market trust in Godmade Homes.

Alade said institutional participants, including asset managers and insurance firms, backed the transaction because of confidence in the company’s liquidity discipline and growth direction. He thanked investors for their participation and also commended the board and management of Godmade Homes for the mandate.

He added that Pathway Advisors remains committed to supporting credible companies seeking both short-term and long-term funding through Nigeria’s capital market.

The deal adds to recent activity in local debt financing, where issuers are using commercial paper to broaden funding sources while preserving flexibility in project execution. For housing operators, access to patient capital remains a key issue as developers contend with delivery costs, infrastructure constraints, and demand for quality homes at affordable price points.