Zeenab Foods Secures N10.22bn in Oversubscribed Series 4 Commercial Paper Issuance

Olawale Ajimotokan

A leading leading food processing and agro-commodity trading company in Nigeria, Zeenab Foods Limited has successfully raised N10.22 billion through its Series 4 Commercial Paper Issuance under its N20 billion Commercial Paper Programme.

The offer, which was initially set at N10billion was oversubscribed due to strong investor demand. The series 4 CP, with a 270-day tenor, offered a yield of 26.50 per cent attracting a diverse range of investors.

The strong investors’ demand for the CP not only illustrates the robust confidence of the market in Zeenab Foods Limited but also underscores the company’s unwavering commitment to excellence and growth.

In a statement, the Managing Director/CEO of Zeenab Foods Limited, Dr. Ayemere O. Victor, stated: “The success of this issuance is a testament to the strength of our diversified business model, market reputation, and creditworthiness. My sincere appreciation to the Pension Fund Administrators (PFAs), Asset Managers, Insurance firms, and other institutional investors for their continued trust in Zeenab Foods Limited. These funds will be strategically utilized to fund the company’s working capital needs, ensuring continued operational efficiency and sustained business growth. Also, thanks to Pathway Advisors Limited, our Financial Adviser, Transaction Sponsor, and Lead Arranger, for their pivotal role in the successful execution of the transaction.”

Also offering insight on the transaction, the Managing Director/CEO of Pathway Advisors Limited, Mr. Adekunle Alade said: ‘’We are proud to have supported Zeenab Foods Limited on another successful CP issuance. The oversubscriptions of this issuance reflect strong investors’ confidence in Zeenab Foods Limited’s financial performance, corporate governance, and creditworthiness. We thank the Board and Management of Zeenab Foods Limited for entrusting us with this transaction.’’

Alade also highlighted the company’s impressive track record, noting the recent successful redemption of its N3.43 billion Series 1 (Tranche B) and Series 2 (Tranches A & B) Commercial Papers. The CPs matured in March and April 2025, respectively, and the company fully repaid all subscribers ahead of their respective due dates.

He reaffirmed Pathway Advisors Limited’s commitment to supporting credible companies to access short and long-term funding from the Nigerian capital market.

Zeenab Foods Limited is a food processing and agro-commodity trading company established in 2011.

It is into milling of paddy rice and export of processed and packaged agro commodities, including Dried Split Ginger, Cassia Tora, Sesame Seeds, Cashew Nuts, Peanuts, Cassava Chips, and Gum Arabic, to China and other countries.

It also supplies grains and other agro-commodities to international donor agencies to support various humanitarian aid projects.