Smart Residences Gets ₦2.5bn In Series II Commercial Paper

Smart Residences Limited (SRL), a leading Nigerian hospitality firm, has successfully redeemed its Series I commercial paper while securing full subscription for its Series II issuance, raising ₦2.5 billion from investors.

The Series I commercial paper, issued on April 24, 2024, was fully redeemed on January 16, 2025, reaffirming SRL’s commitment to meeting its financial obligations. Building on this milestone, the company recently launched its Series II issuance, which saw overwhelming demand, securing approval for the quotation of its ₦2.46 billion commercial paper under its ₦2.50 billion issuance program on the FMDQ Exchange.

Dr. Saheed Okubena, Chief Investment Officer, confirmed the exchange’s approval, highlighting the confidence investors have in SRL’s financial management and growth trajectory.

Chief Operating Officer, Mr.  Aliyu Hassan Aminu, expressed satisfaction with the strong investor response, stating that the funding would be channeled into expanding the firm’s diverse hospitality portfolio.

“We are excited about this milestone, which not only validates our business strategy but also showcases the potential of indigenous hospitality brands. Our goal is to position Nigeria as a premier hospitality hub in Africa,” he said.

The proceeds from the Series II commercial paper will support SRL’s expansion efforts, reinforcing its commitment to delivering world-class luxury accommodations across its flagship properties, including The Destination, HomeAway, The Glass Residence, and The Residence.