Haldane McCall Targets Dividend Stability with ₦250bn Debt Plan & West Africa Expansion
Haldane McCall Plc is positioning itself to deliver predictable and sustainable shareholder returns through an ambitious ₦250 billion debt programme and accelerated regional expansion across West Africa.
The strategy was unveiled by its Group Managing Director, Edward Akinlade, who emphasized that dividend consistency remains central to the company’s long-term growth model.
Core Strategy: Growth with Predictable Returns
According to Akinlade, the company’s approach is built on two major pillars:
Recurring Hospitality Income
• Steady cash flow from its hotel portfolio
• Growing occupancy rates
• Earnings stability to support dividend payments
“Our Suru Express Hotels portfolio continues to grow occupancy and earnings, giving us recurring revenue that underpins dividends,” Akinlade stated.
Phased Residential Development
• Structured rollout of property projects
• Controlled capital deployment
• Alignment of project delivery with funding cycles
This phased execution model is designed to ensure steady cash generation rather than speculative expansion.
₦250 Billion Debt Programme
A major highlight of the announcement is the company’s planned ₦250bn debt programme, which will:
• Be structured in tranches
• Align with project cash flows
• Reduce borrowing risk exposure
• Complement a planned rights issue for shareholder participation
The goal is disciplined capital allocation — balancing expansion with financial stability.
Regional Expansion Gains Momentum
Haldane McCall is actively expanding beyond Nigeria.
Porto-Novo, Benin Republic
• 48 apartments successfully leased
• Demonstrates strong regional demand
• Validates phased expansion strategy
The company is also exploring opportunities in:
• Ghana
• Benin Republic (additional developments)
Akinlade described the Porto-Novo success as proof that the company’s “disciplined project execution generates tangible results.”
Key Development Projects
Nigeria
• Majidun Estate (Ikorodu)
• Completed developments in Ketu, Lagos
Benin Republic
• Completed residential projects in Porto-Novo
These projects are structured to create long-term shareholder value while maintaining liquidity stability.
Dividend Policy Framework
Haldane McCall maintains a clear dividend commitment:
• 30% of net profit payout policy
• Backed by recurring hospitality income
• Supported by phased project delivery
• Guided by disciplined capital management
This framework is designed to balance growth ambitions with dividend consistency.
Market Background
Haldane McCall Plc is one of the relatively new listings on the Nigerian Exchange Limited.
• Listed: November 2024
• Shares Listed: 3.12 billion ordinary shares
• Listing Price: ₦3.84 per share
• Initial Market Capitalisation: ₦11.99 billion
What This Means for Investors
The company’s strategy signals:
A shift toward predictable dividend culture
Structured expansion instead of aggressive leverage
Diversification across regional markets
Hospitality-backed recurring cash flow
The emphasis is not just rapid growth — but sustainable, income-backed expansion that supports long-term returns.
Bottom Line
Haldane McCall is pursuing a calculated expansion strategy built around hospitality income, phased real estate development, and disciplined financing.
If execution remains aligned with cash flow and occupancy growth continues, the company’s dividend stability ambition could strengthen its appeal among income-focused investors.
Haldane McCall Plc is positioning itself to deliver predictable and sustainable shareholder returns through an ambitious ₦250 billion debt programme and accelerated regional expansion across West Africa.
The strategy was unveiled by its Group Managing Director, Edward Akinlade, who emphasized that dividend consistency remains central to the company’s long-term growth model.
Core Strategy: Growth with Predictable Returns
According to Akinlade, the company’s approach is built on two major pillars:
Recurring Hospitality Income• Steady cash flow from its hotel portfolio
• Growing occupancy rates
• Earnings stability to support dividend payments
“Our Suru Express Hotels portfolio continues to grow occupancy and earnings, giving us recurring revenue that underpins dividends,” Akinlade stated.
Phased Residential Development• Structured rollout of property projects
• Controlled capital deployment
• Alignment of project delivery with funding cycles
This phased execution model is designed to ensure steady cash generation rather than speculative expansion.
₦250 Billion Debt Programme
A major highlight of the announcement is the company’s planned ₦250bn debt programme, which will:
• Be structured in tranches
• Align with project cash flows
• Reduce borrowing risk exposure
• Complement a planned rights issue for shareholder participation
The goal is disciplined capital allocation — balancing expansion with financial stability.
Regional Expansion Gains Momentum
Haldane McCall is actively expanding beyond Nigeria.
Porto-Novo, Benin Republic
• 48 apartments successfully leased
• Demonstrates strong regional demand
• Validates phased expansion strategy
The company is also exploring opportunities in:
• Ghana
• Benin Republic (additional developments)
Akinlade described the Porto-Novo success as proof that the company’s “disciplined project execution generates tangible results.”
Key Development Projects
Nigeria
• Majidun Estate (Ikorodu)
• Completed developments in Ketu, Lagos
Benin Republic
• Completed residential projects in Porto-Novo
These projects are structured to create long-term shareholder value while maintaining liquidity stability.
Dividend Policy Framework
Haldane McCall maintains a clear dividend commitment:
• 30% of net profit payout policy
• Backed by recurring hospitality income
• Supported by phased project delivery
• Guided by disciplined capital management
This framework is designed to balance growth ambitions with dividend consistency.
Market Background
Haldane McCall Plc is one of the relatively new listings on the Nigerian Exchange Limited.
• Listed: November 2024
• Shares Listed: 3.12 billion ordinary shares
• Listing Price: ₦3.84 per share
• Initial Market Capitalisation: ₦11.99 billion
What This Means for Investors
The company’s strategy signals:
A shift toward predictable dividend culture Structured expansion instead of aggressive leverage Diversification across regional markets Hospitality-backed recurring cash flowThe emphasis is not just rapid growth — but sustainable, income-backed expansion that supports long-term returns.
Bottom Line
Haldane McCall is pursuing a calculated expansion strategy built around hospitality income, phased real estate development, and disciplined financing.
If execution remains aligned with cash flow and occupancy growth continues, the company’s dividend stability ambition could strengthen its appeal among income-focused investors.