Real estate firm to close housing gap with N250bn bond

By Chukwuma Umeorah

Real estate and hospitality company, Haldane McCall Plc, has unveiled plans to float a N250 billion bond programme as part of an ambitious strategy to deliver affordable housing and reduce Nigeria’s widening housing deficit.

The company disclosed that it was targeting a profit after tax (PAT) of N1 billion for the 2025 financial year, banking on the rollout of 650 housing units annually across Lagos and Ogun States through a Public-Private Partnership (PPP) framework.

The Group Managing Director of Haldane McCall Plc, Edward Akinlade, explained that the capital raise would be executed in phases, starting with an initial tranche of N75 billion before the end of 2025.

“We plan to leverage the capital market. The Nigerian Exchange (NGX) offers access to much-needed funding. We’re working on the bond issuance process, including securing regulatory approvals and obtaining a bond rating before presenting it to the public. Progress is being made,” Akinlade stated.

He noted that the company’s strategy was to work with subcontractors and partners to deliver 650 housing units each year, with the first phase of the development valued at N7.5 billion. Akinlade added that Haldane McCall Plc would focus on mid- to low-income housing segments, which are most affected by the housing gap.

He emphasized the need for stronger government support to address industry challenges, particularly the rising cost of building materials driven by foreign exchange volatility. “The high cost of building materials is a major barrier. Introducing price controls, a measure adopted in many countries, could offer a solution,” he said.

Haldane McCall Plc, which is listed on the Nigerian Exchange Limited, currently has a balance sheet size of N20.8 billion. Akinlade emphasized that the company remained optimistic that its expansion drive will enhance its valuation and attract a new class of investors.

According to Akinlade, the company’s broader strategy also included investments in hospitality assets and joint venture projects to diversify income streams and improve shareholder returns. “We operate in both real estate and hospitality sectors. The hotel market in Lagos is lucrative and generates significant cash flow,” he noted.

He added that the company’s extensive land holdings in Lagos provide the foundation for unlocking liquidity through development partnerships. “We are not just looking at housing; our portfolio will also include hospitality developments. We are embracing innovation in how we fund and deliver these projects,” Akinlade said.

Reinforcing the company’s long-term vision, Deputy Group Managing Director, Abiola Elugbaju, stated, “At Haldane McCall, our mission goes beyond constructing houses. We are building communities and delivering long-term value for our investors through innovative partnerships and sustainable investment strategies.”

Earlier in the year, Haldane McCall generated N2.5 billion from the sale of 34 completed housing units in Ketu, Lagos, a development the company said affirmed demand for its affordable housing model.

Elugbaju stressed that with this N250 billion capital programme, Haldane McCall aimed to deepen its relevance as a key player in solving Nigeria’s housing crisis while strengthening its asset base and maintaining profitability.