Magnificent Multiservices lists N20bn commercial paper on FMDQ

Magnificent Multiservices Limited has registered N20 billion series 1 Commercial Paper (CP) Programme on the FMDQ Securities Exchange platform.

According to a statement from the company, with N5 billion accessed already, the proceed will be used for the company’s proposed city and estate developments through Raedial Homes.

Speaking on the development, the chief executive officer, Magnificent Multiservices Limited, 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 worldwide concern about the need to assist this country to improve its safety performance. We are ready to take on the challenge.

“Our milestone debut market entry will emphasize the necessary collaboration between private entities and debt capital markets, as it enables us to pursue our multi-pronged growth strategy of optimizing our operations and assets, expanding our footprint, and revolutionizing the real estate sector.”

To commemorate the debut on FMDQ Exchange, a director in Magnificent Multiservices Limited, Claris Agenmonmen in a statement also said, “We are extremely pleased, as this will be another step for us 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.

“With the 20 billion commercial paper, we intend to go into full development of smart cities and smart homes through Raedial Homes, which is our development subsidiary.

“The quotation of the CP was sponsored by Keystone Bank Limited and issued through Qualinvest Capital Limited. The paper positioned Magnificent Multiservices Limited 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 responsive and efficient listing and quotation processes, and credible benchmark pricing required for appropriate portfolio valuation, amongst others.”