Veritasi Homes & Properties Plc’s N10 billion Series 1 Senior Medium-term Bonds proceeds will be utilised to finance the development of Tinuola Towers 2, a 26-storey high-rise luxury residential project located at Eko Atlantic City, Lagos.
This is according to the series 1 trust deed and the pricing supplement by Veritasi, a residential property development company in Nigeria
Veritasi registered a NGN30Bn bond issuance programme with the Securities and Exchange Commission and successfully raised an initial N10Bn in series 1 senior medium-term secured fixed rate bond under the programme in December 2025.
The bonds have a tenor of three (3) years and a legal maturity date of 2028.
The series 1 bonds constitute direct, unconditional, senior, irrevocable, unsubordinated, and secured obligations of the issuer, backed by a deed of legal mortgage (security deed) on the assets pledged by the Issuer.
Pursuant to the security deed, Veritasi confirms that the mortgaged asset is free from any security interest or encumbrance of any kind other than the security created by the deed.
According to the legal mortgage deed, the pledged asset includes 600,120.385 square metres of land and the development on it, lying and situate at Government Allocation Resettlement Scheme Abomiti Community, Epe in the Epe Local Government Area of Lagos State covered by Survey Plan No FAO/0702/2022/LA registered at the Lagos State Land Registry.
Based on the external valuation report dated 25 February 2025, the property has a market value of N57.2 billion.
Eko Atlantic is an entire new $6 billion coastal city being built on Victoria Island adjacent to Lagos, Nigeria.
Eko Atlantic City recently released a video showing there were 22 ongoing projects in the city, with 7 already completed ones ranging from high-rises to a data center.
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