Magnificent Multiservices Successfully Redeems N5bn Commercial Paper Programme, Says Agenmonmen

Fadekemi Ajakaiye

The Magnificent Multiservices Limited has announced the successful maturity and redemption of its debut Series 1 Commercial Paper Issuance under its N20 Billion CP Programme. 

According to a statement by the General Managing Director, Uwadiale Agenmonmen, “The Magnificent Multiservices Limited is an innovative real estate company dedicated to developing long-lasting sustainable homes that are effective, aesthetically pleasing, and valuable in today’s world.

The statement said, “The180 days Series 1 (N5 Billion) was issued on the FMDQ Securities Exchange Limited (FMDQ) in the third quarter of the year, matured on March 19, 2023, and was redeemed in March 2023.

“Datapro Limited has issued The Magnificent Multiservices Limited a short-term rating of (A1) and a long-term rating of A- (stable outlook), indicating the company’s adequate capacity for timely payment of financial obligations, good profitability, strong liquidity, and good capitalisation.”

The statement said uring a press conference held at the company’s headquarters in Lagos, “the company’s founder and General Managing Director, Uwadiale Agenmonmen, stated that the Series 1 repayment of the commercial paper demonstrates the company’s credibility to meet its financial obligations as a reputable and leading real estate company in Nigeria.”

He thanked the company’s financial partners, Pathway Advisors Limited, Keystone Bank Limited, Qualinvest Capital Limited and all institutional investors associated with the brand, in an appreciation speech, for their commitment and faith in the company.

Uwadiale also stated that the commercial paper programme, which was signed in September 2022, aided the development of top-quality real estate projects for clients both at home and abroad.

According to Hamid Ola-Alabanla, the Project Manager at The Magnificent, during the press conference, the redemption of the N5 billion commercial paper to investors will better position The Magnificent Multiservices Limited and foster more investor’s trust in the company. This is in line with the company’s mission to provide an innovative and dependable real estate investment platform where investors are comfortable enough to transact business.