SEC registers Efficacy Development PLC’s 1,000,000,000 ordinary shares

To our shareholders, clients, partners and colleagues: I am pleased to share news that many of you have been asking about for some time.

On 20 October 2026, the Securities and Exchange Commission (the “Commission”) issued its approval in respect of the registration of Efficacy Development PLC’s existing securities: 1,000,000,000 ordinary shares of ₦1.00 each, registered under reference SR/EDP/2026/000673. The application was filed on the Company’s behalf by our advisers, Pathway Advisors Limited.

The registration was granted in accordance with the provisions of the Investments and Securities Act, 2025, and the Commission’s Rules and Regulations. In plain terms: the shares that make up our company are now formally recorded with the regulator that oversees Nigeria’s capital market.

• Securities registered: 1,000,000,000 ordinary shares of ₦1.00 each
• Registration number: SR/EDP/2026/000673
• Nominal value: ₦1,000,000,000
• Statute: Investments and Securities Act, 2025
• Commission letter: SEC/SIS/SO/EDP/10/2026, dated 20 October 2026

For a company that began in 2008 and grew into a public limited company through disciplined project delivery, this is a milestone worth pausing on. Not because a certificate changes what we build, but because it changes what we can credibly promise the people who back us.

“A registered share is a share somebody can point to. It has a number, a file, and a regulator behind it, and that is the difference between a private arrangement and a market.”

What this means for you

We have never been short of projects, or of conviction about the Nigerian market. What we have needed, and what this registration begins to supply, is a formal, verifiable corporate structure that institutional capital can engage with.

• For shareholders. Your holding now sits within a securities framework recognised under Nigerian law, with the Commission as supervisor. The Company is accountable to that framework for how it reports, how it treats material information, and how it records ownership.
• For clients and homeowners. A developer whose share capital is registered and whose performance is reported on a periodic basis is a developer you can check. That matters in a market where confidence is often the scarcest material on site.
• For partners and lenders. Registered securities, combined with our GCR issuer ratings of BBB-(NG) and A3(NG) with a Stable Outlook, give counterparties a documented basis for credit and commercial decisions rather than a set of assurances.
• For the Company. It opens the door to the next stages of our capital markets journey, in sequence, and only where the fundamentals and the regulatory pathway support each step.

What this registration is not

• This is the registration of existing securities. It is not a public offer, and no new shares were issued, offered or sold to the public as a result.
• It is not a listing. The Company’s shares are not, by virtue of this registration, admitted to trading on any exchange.
• It does not, on its own, raise capital. Any future offer, listing or capital raise would be a separate process, subject to its own approvals and its own disclosure.

I make that distinction deliberately. Good news travels quickly in this market, and it travels best when it is exact. We would rather under-promise and be believed than let a regulatory filing be read as something it is not.

What we have committed to

Registration is not a trophy; it is an undertaking. The Commission’s approval sets out three standing obligations on the Company, and I want you to know about them in the same breath as the announcement, because they are the part that governs how we behave from here.

1) Notify material changes

Any material change in the information supplied as the basis of the registration must be reported to the Commission promptly. Changes in our board, our capital, our control structure or our circumstances will not wait for an annual cycle to surface.

2) Render periodic returns

We will report on the Company’s performance at the intervals the Commission specifies. For our stakeholders, this means a regular, structured account of how the business is actually doing, not a marketing summary of it.

3) Disclose significant holdings

Any shareholding amounting to 5% or more of the Company’s issued shares must be notified to the Commission. Transparency about who owns Efficacy is now a standing requirement, not a courtesy.

Beyond these specific items, the Company is bound by the Investments and Securities Act, 2025, the Commission’s Rules and Regulations, and all other laws governing the securities business in Nigeria. The approval is explicit that a breach of any of these conditions could lead to deregistration, alongside any other sanction the statute prescribes.

We take that seriously. It is a standard the Company intends to meet comfortably, and one that our internal governance is already being aligned to.

From my desk

I joined this business because the story was unusually easy to tell and unusually hard to prove. Eighteen years of delivery, an ISO 9001-certified quality system, projects that stand in Ikeja and Victoria Island and Ibeju-Lekki for anyone to walk into, and yet, for a long time, the capital-markets language around the Company was ahead of the paperwork.

That gap is now closed a little further. Not entirely (there is more work, and I will tell you about it as it happens rather than after), but meaningfully.

To our existing shareholders: thank you for holding through the unglamorous years of building this structure. To clients and partners: nothing about your projects changes, except that the counterparty across the table is now a more legible one. To those watching us from outside: our reports are becoming regular, our filings are becoming public, and my desk is open.

If you would like to discuss this announcement, or the Company’s investor disclosures more broadly, please write to me directly at info@efficacydevplc.com or call +234 906 200 0040. I answer.

Ebuka Iwuala
Investors Relations Manager, Efficacy Development PLC, Lagos

Source: letter from the Securities and Exchange Commission, Nigeria, reference SEC/SIS/SO/EDP/10/2026, dated 20 October 2026, addressed to the Managing Director, Pathway Advisors Limited, on the registration of existing securities of 1,000,000,000 ordinary shares of ₦1.00 each. A copy is available from Investor Relations on request.