Zylus Homes and Properties: What the Exchange Filings and Delivery Record Show

Zylus Homes and Properties has done something most Lagos residential developers have not: it put itself in front of a financial market regulator and a credit rating agency, and the paperwork is public. That paperwork is the most useful thing available to anyone deciding whether to buy from the company, and it says more than any brochure.

It also has limits. The programme it registered was for ₦10 billion and it drew down ₦520 million of it. The rating was assigned in July 2023 on the basis of 2022 accounts. A UK company of the same name, registered around a five-thousand-home expansion announcement, was dissolved sixteen months after it was incorporated. None of that is misconduct, and none of it appears on any regulator's warning list. It is simply what the record shows, and the record is the point.

The commercial paper programme

In 2023 Zylus Homes and Property Limited registered a ₦10.00 billion Commercial Paper Issuance Programme on FMDQ Exchange. Vanguard reported on 20 August 2023 that the FMDQ Board Listings and Markets Committee had approved the paper on 17 August 2023, and the exchange announced the registration on 29 September 2023.

The programme page on FMDQ's own site records the detail of what was actually issued under it:

| Item | Detail |

| --- | --- |

| Programme size | ₦10.00 billion |

| Series 1A issue amount | ₦0.52 billion |

| Issue date | 17 November 2023 |

| Maturity date | 13 August 2024 |

| Tenor | 270 days |

| Discount rate | 20.00% |

| Use of proceeds | Working capital |

Pathway Advisors Limited acted as lead sponsor and as issuing and placing agent, and Keystone Bank Limited as collecting and paying agent, per FMDQ's own programme page. Vanguard reported on 20 August 2023 that Meristem Trustees and DLM Trust Company were also transaction parties, with Africa Law Practice NG & Co. and Joseph Dauda & Co. as legal advisers.

Zylus announced on 21 August 2024 that it had redeemed the Series 1 paper on schedule, with founder Oluwatosin Olatujoye quoted saying the company had "met our financial obligation through the timely redemption of the ₦0.520 billion Series 1 CP." A short-dated instrument repaid on its maturity date is a real data point, and it is verifiable against the exchange's own record.

The proportion matters too. One series of ₦520 million was issued against a ₦10 billion registered programme, and FMDQ's programme page lists no further series. A registered programme is a facility, not a debt raised, and the two are often conflated in coverage.

The credit rating

ThisDay reported on 5 July 2023 that DataPro Limited had assigned Zylus Homes & Property Ltd a long-term rating of BBB with a positive outlook. The report described that grade on DataPro's scale as one that "indicates slight risk" and shows "fair financial strength, operating performance and business profile."

The figures behind the rating, as ThisDay reported them, were revenue of ₦11.5 billion in 2022, up 12%, with equity funding 44% of assets and liquidity around 202 to 204%.

BBB sits at the lower end of the investment-grade range. It is not a guarantee of delivery on any individual estate, and the underlying accounts are now several years old. No publicly filed audited financial statements for Zylus could be located.

The UK entity

Zylus announced a UK expansion in March 2025. Vanguard reported on 7 March 2025 that the company planned to "deliver 5,000 homes" over the following five years, a target announced alongside its separate Project 2000 Homes programme in Nigeria.

The UK registry tells a shorter story. Zylus Homes and Property Ltd, company number 15885780, was incorporated at Companies House on 8 August 2024 and dissolved on 9 December 2025. Its registered office was a Companies House default address in Cardiff. Oluwatosin Olakunle Olatujoye was appointed a director on 8 October 2024 and resigned on 3 September 2025. Tunde Rasaq Shonekan was appointed on incorporation, with a further resignation recorded in the registry in 2025.

Companies dissolve for many reasons, including voluntary strike-off when a structure is no longer needed, and the registry record does not state a reason. What it does establish is that the vehicle registered around the UK announcement was not in existence sixteen months later. Anyone weighing an overseas expansion claim can check that in ninety seconds on the Companies House website, and should.

The delivery record

This is where independent reporting is thinnest and most valuable.

The clearest documented case comes from a Nairametrics investigation published on 29 July 2025 into off-plan schemes in Lagos. A buyer identified as Henry E. signed an off-take on a Zylus Lekki Pride unit in 2020 for roughly ₦38 to ₦40 million, with delivery promised within eighteen months, by the end of 2022. The unit was completed in late 2024, an overrun of about two years. The company attributed the delay to COVID-19 disruption and rising material costs, and Olatujoye described the eighteen-month timeline as "an ambitious target that became a learning curve." Nairametrics reported that the buyer said he was satisfied overall and did not consider the company to have acted in bad faith.

That is an unusually complete account: a named publication, a documented promise, a documented outcome, the developer's explanation on the record, and the buyer's own assessment. It is worth more than a dozen anonymous reviews.

On the current flagship, Lekki Avana Bungalow and Resort, which Nairametrics places in the Idera Scheme at Eleko in Ibeju-Lekki, the same outlet reported the launch of 223 units on 1 March 2025, then reported on 2 March 2026 that more than 100 units had been allocated, comprising 41 fully finished homes and more than 60 at carcass level.

For other named estates, including Zylus Court Phase II at Bogije launched in August 2022, Tiwa Garden City unveiled in January 2023 and Hilton City in Abuja announced in August 2021, launch coverage exists and completion or allocation coverage does not. That is an absence in the public record rather than evidence that nothing was built, and it is the single most useful question to put to the company directly.

The aggregate claims do not reconcile with each other. Vanguard reported the company saying in January 2025 that it had delivered more than 600 homes. The company website states that over 3,000 properties have been allocated across Lagos, Abuja, Enugu, Ogun and Ibadan. Allocated plots and delivered homes are different things, and both figures come from the company.

Regulatory position

Zylus does not appear on the Securities and Exchange Commission's public enforcement and warning list, and a search of the Commission's site returns no results for the name. No court judgment, EFCC matter, land revocation or LASRERA enforcement action involving Zylus could be located. The commercial paper was registered on FMDQ Exchange rather than with the SEC, which is the normal route for a corporate CP programme and does not indicate SEC registration as a capital market operator.

On the people, the titles reported vary by source and year, which is worth noting rather than reading anything into. Nairametrics described Oluwatosin Olakunle Olatujoye as founder and Group CEO in August 2024. BusinessDay in August 2022 named him as chairman of Zylus Group International and Bukola Olatujoye as its chief executive. Vanguard quoted Olatujoye as Group CEO again in March 2025.

What to actually check

The useful lesson from Zylus is that a developer with any capital-market footprint leaves records a buyer can read for free. Before you commit money to any Nigerian estate, look for exactly those: an FMDQ or SEC filing, a rating report with a date on it, a foreign registry entry if an overseas arm is being advertised, and independent reporting that names a completion date rather than a launch date. Bektu (https://bektu.com) tracks developer delivery history against those sources, and the company's listing is at https://bektu.com/companies/zylus-homes-and-properties.

Then ask the company two direct questions. Which specific estates have been completed and allocated, with dates? And what is the contractual remedy if the delivery date passes? Our guide to verifying a Nigerian property developer before buying off-plan sets out how to ask them, and the piece on the REDAN regulation gap explains why nobody else will ask them for you. If you are buying in Ibeju-Lekki specifically, read the Lagos layout approval enforcement covering 176 estates first.