Nigerian entrepreneur Adetola Nola’s Veritasi Homes secures $37 million for expansion

Veritasi Homes & Properties Plc, one of Africa’s fastest-growing real estate firms, founded and led by Nigerian entrepreneur Adetola Nola, has completed a N50 billion ($37 million) non-interest commercial paper programme, giving the real estate developer a fresh source of capital as it expands its housing portfolio across Nigeria.

The programme was formally executed in Lagos on Aug. 6, following the completion of regulatory and programme requirements. It provides Veritasi Homes with another route to structured capital-market funding as it targets residential developments in key Nigerian markets.

Nola, the company’s managing director and CEO, said the transaction reflected growing investor confidence in Veritasi Homes and its business model. He said the company’s performance should be judged not only by properties delivered but also by the trust built with investors, partners and customers. 

The new programme, he said, demonstrates how governance, strategic planning and ethical financing can support long-term growth. Veritasi Homes plans to use its expanding financial capacity to develop sustainable communities while contributing to Nigeria’s housing and infrastructure needs.

Building a stronger capital-market record

Adekunle Alade, managing director and CEO of Pathway Advisors Ltd., the programme’s lead arranger and financial adviser, said the transaction marked another stage in Veritasi Homes’ development within Nigeria’s capital market.

Pathway Advisors has worked with the company since 2022, when Veritasi Homes was establishing its capital-market presence. Its commercial paper offerings have since attracted strong investor demand, including oversubscription.

The company previously registered a N20 billion ($14.7 million) conventional commercial paper programme in 2022, raising as much as N15 billion ($11 million). All matured obligations were fully redeemed on or before their due dates.

In 2025, Veritasi Homes registered another N20 billion ($14.7 million) commercial paper programme and issued Series 1 and Series 2. Series 1 was fully redeemed April 17, 2026, returning about N6.13 billion ($4.5 million) to investors. Proceeds supported developments including Camberwall Advantage Series and Tinuola Towers.

Adetola Nola’s growing business portfolio

Founded in 2017 by Adetola Nola, Veritasi Homes has grown from a startup into a significant Nigerian real estate developer, delivering more than 1,000 functional homes and serving more than 2,500 clients, including customers in the Nigerian diaspora.

Nola is a multisector entrepreneur, CEO and board leader whose interests span real estate development, investment finance, energy, agribusiness and enterprise capacity-building.

As founder and CEO of Veritasi Homes, he has overseen the delivery of more than 1,000 homes across Nigeria. The company has also gained international recognition, including being featured by Forbes among Africa’s fastest-growing companies.

Beyond Veritasi Homes, Nola serves as board chairman of Asteric Asset Management and ARN Foods Ltd., and as a board director at Fin Star Energy, where he focuses on corporate governance, strategic planning and long-term value creation.