By Kehinde Ibrahim, Lagos
ZEENAB Foods Limited has commenced the issuance of up to ₦25 billion in Series 3 Commercial Paper, CP, under its ₦50 billion Commercial Paper Programme, as the agro-processing and commodity trading company seeks to raise short-term funding to support its operational and working capital requirements.
The offer, arranged by Pathway Advisors Limited, represents the latest fundraising exercise by the company in Nigeria’s corporate debt market and provides institutional and qualified investors with an opportunity to participate in a 364-day investment backed by an issuer with an established repayment record and investment-grade credit ratings.
According to the transaction timetable, the offer opened for subscription on August 4, 2026, and will close on August 10, 2026. The commercial paper will be issued and settled on August 11, 2026, with maturity scheduled for August 10, 2027.
The proceeds from the ₦25 billion issuance will be utilised to finance Zeenab Foods’ working capital needs, enabling the company to sustain its operations and meet short-term funding requirements across its agro-processing and commodity trading businesses.
Established in 2011, Zeenab Foods has grown into a key player in Nigeria’s agricultural value chain, with operations spanning rice milling, the export of processed and packaged agricultural commodities, and food supply contracts for international development agencies, including the United Nations World Food Programme.
The company operates processing facilities in Abuja and Kano State while maintaining an international commercial presence through liaison offices in Changsha, Guangzhou and Shanghai in China, as well as Dubai in the United Arab Emirates, strengthening its export and global trading activities.
Pathway Advisors Limited, which is serving as the Lead Arranger and Issuing House for the transaction, structured the Series 3 Commercial Paper with a tenor of 364 days. The instrument carries a discount rate of 19.69 per cent and an effective yield of 24.50 per cent.
The offer is being issued on a fixed-price basis, with a minimum subscription of ₦5 million and additional investments accepted in multiples of ₦1,000.
Zeenab Foods’ credit profile remains supported by strong investment-grade ratings from two leading rating agencies. Agusto & Co. assigned the company a short-term rating of A1 and a long-term rating of A-, while DataPro Limited rated it A1 for the short term and A+ for the long term.
The company has also maintained a solid repayment record under both its previous ₦20 billion Commercial Paper Programme and the current ₦50 billion programme. Since 2024, it has successfully redeemed multiple commercial paper series before their maturity dates, reinforcing investor confidence in its financial strength, liquidity position and ability to meet debt obligations promptly.
The latest issuance further underscores the growing role of Nigeria’s commercial paper market in providing corporates with efficient access to short-term financing while offering investors attractive fixed-income investment opportunities in highly rated issuers.
