Smart Residences Limited Redeems Series 1 Commercial Paper, Secures ₦2.5bn in Oversubscribed Series 2 Issuance
Smart Residences Limited (SRL), a trailblazing Nigerian hospitality brand, has hit another financial milestone, successfully redeeming its Series 1 commercial paper while securing a fully subscribed Series 2 issuance.
The first issuance, launched on April 24, 2024, was settled in full on January 16, 2025—a strong testament to SRL’s financial discipline and commitment to honoring its obligations without delay.
Riding on this momentum, the highly-rated hospitality firm (certified by Augusto & Co. and DataPro) introduced its Series 2 commercial paper, which saw an overwhelming response from investors. The ₦2.5 billion offering was fully subscribed, signaling strong confidence in SRL’s business model and growth trajectory.
Speaking on the achievement, Chief Investment Officer, Dr. Saheed Okubena, shared:
With this latest success, SRL continues to cement its position as a trusted name in Nigeria’s hospitality and investment landscape, proving that smart financial management and investor confidence go hand in hand.
Smart Residences Limited (SRL), a homegrown hospitality brand redefining luxury stays in Nigeria, has successfully redeemed its Series I commercial paper while securing a Series II issuance—an achievement that speaks volumes about investor trust in the company’s vision.
Aliyu Hassan Aminu, SRL’s Chief Operating Officer, expressed excitement over the milestone:
“We are thrilled with the smooth redemption of our Series I commercial paper and even more encouraged by the enthusiastic response to Series II. This reaffirms the faith investors have in our strategic direction and our financial stewardship.”
With fresh capital at hand, SRL is doubling down on its expansion plans, channeling these funds into broadening its upscale hospitality offerings. Aminu adds:
“Our goal is simple—showcase that indigenous brands like ours are not just keeping up but setting the pace in hospitality. Nigeria is fast becoming a prime destination, and we are here to ensure it remains on the global map as Africa’s hospitality powerhouse.”
Growth, Expansion & A Vision for the Future
The proceeds from the Series II commercial paper will fuel SRL’s growth trajectory, allowing the company to elevate its portfolio of high-end properties, including The Destination, HomeAway, The Glass Residence, and The Residence.
About Smart Residences Limited
Smart Residences Limited is a premium hospitality brand at the heart of Nigeria’s luxury accommodation sector. With a collection of elegant apartments and bespoke living spaces, SRL delivers an unparalleled guest experience tailored to business travelers, tourists, and long-term residents seeking comfort with a touch of class.
This latest funding success cements SRL’s place as a key player in Africa’s evolving hospitality industry—one that is ready to compete on a global stage.
