Haldane McCall Plc has launched a strategic expansion plan to scale its affordable housing projects and grow its “Suru Express” hotel brand across West Africa.

The move follows shareholder approval in May 2025 for a N250 billion capital raise through a rights issue and debt issuance, aimed at accelerating housing and hotel projects in high-demand urban markets. The company is currently developing a 1,200-unit residential project in Majidun, Lagos, after delivering 48 units in Porto Novo, Benin Republic, and 34 units in Ketu, Lagos.

Expansion of the Suru Express brand is central to the company’s growth strategy, with new hotels planned across major Nigerian cities to meet rising demand for affordable, quality accommodation.

Group Managing Director Dr. Edward Akinlade emphasized the company’s focus on scale and sustainability, stating: “We are investing in the communities we serve, building affordable homes and reliable hotels that reflect the aspirations of a growing West African middle class. The fresh capital injection allows us to accelerate project delivery, grow our Suru Express footprint, and deliver consistent value for our shareholders.”

Haldane McCall’s expansion builds on its strong 2024 performance following its listing on the Nigerian Exchange (NGX) in November 2024. The company recorded a 109% increase in revenue to N3.64 billion, profit before tax rose 168% to N1.01 billion, and total assets grew 22.8% to N21.99 billion. It paid N220.6 million in dividends, reflecting a 32.5% payout ratio.

With nearly N22 billion in assets and an expanding project pipeline, Haldane McCall is well-positioned to benefit from rising urbanization and the increasing demand for affordable housing and hospitality across West Africa. Analysts note that its asset-backed growth, recurring income streams, and transparent market listing make it an attractive long-term investment opportunity in Nigeria’s property and hospitality sectors.