Zeenab Foods Redeems N3.43bn Commercial Paper Issuance

Olawale Ajimotokan in Abuja

Zeenab Foods Limited has announced the successful redemption of its ₦3.43 billion Commercial Paper (CP) obligations under Series 1 (Tranche B) and Series 2 (Tranches A & B).

The CPs matured in March and April 2025, respectively, and the company fulfilled full repayment to all investors ahead of their respective due dates.

This successful redemption highlights Zeenab Foods’ robust liquidity position and unwavering commitment to sound financial management. It also reflects the company’s ongoing dedication to transparency and trust in the Nigerian debt capital market.

Commenting on the development, the Managing Director and CEO of Zeenab Foods Limited, Dr. Ayemere O. Victor, said: “The redemption reflected on the company’s credibility, business excellence and dedication to maintaining investor trust. We remain focused on building a reputation anchored on transparency, resilience, and sustainability.”

He lauded investors and stakeholders for their confidence in the organization, while thanking Pathway Advisors Limited, their financial adviser, transaction sponsor and lead arranger, for their continued professional guidance and unwavering support throughout the transaction.

The Managing Director/CEO of Pathway Advisors Limited, Mr. Adekunle Alade, said the company was proud to have acted as financial adviser for Zeenab Foods Limited, playing a pivotal role in the company’s successful capital-raising efforts and the settlement of its ₦3.43 billion Series 1 obligations under its ₦20 billion Commercial Paper Issuance Programme.

He commended Zeenab Foods for its strong business fundamentals and financial discipline, which have reinforced investor confidence in the company.

He also highlighted the company’s impressive track record, noting the recent successful redemption of N1.6 billion Series 1 (Tranche A) Commercial Paper on September 30, 2024, which further demonstrates Zeenab’s financial strength and reliability in the capital market.

He reiterated Pathway Advisors Limited’s ongoing commitment to leveraging its extensive capital market expertise to support Zeenab and other reputable mid-market companies seeking funding from the Nigerian capital market.

Zeenab Foods Limited is a food processing and agro-commodity trading company established in 2011. It operates in three main business segments, including a rice mill with an installed milling capacity of 120 metric tonnes per day, with plans to double its current capacity by 2025 to grow its share of the rice market in Nigeria.

The company that owns two factories located in the Federal Capital Territory and in Kano State, is also into export of processed and packaged agro commodities such as Dried Split Ginger, Cassia Tora, Sesame Seeds, Cashew Nuts, Peanuts, Cassava Chips, Gum Arabic etc. to China and other countries.