Zeenab Foods Limited, one of Nigeria’s foremost agro-allied and food processing companies, has reaffirmed its market strength and investor credibility with the successful completion of an oversubscribed ₦25.4 billion Series 1 Commercial Paper (CP) issuance. The offering, launched under the company’s newly established ₦50 billion Commercial Paper Programme, exceeded its initial target of ₦10 billion, underscoring robust investor confidence in Zeenab Foods’ operational track record and creditworthiness.
According to the company, proceeds from the issuance will be deployed to fund working capital needs and boost operational efficiency, particularly across its integrated value chain that spans agriculture, food processing, and logistics. The overwhelming subscription, which more than doubled the initial offer, reflects continued faith in Zeenab Foods’ business fundamentals and disciplined financial management.
This issuance marks a significant milestone in the company’s funding strategy and builds upon its ₦20 billion Commercial Paper Programme launched in 2024. Under that earlier programme, Zeenab successfully raised ₦22 billion through multiple tranches, all of which were fully redeemed before their respective maturity dates—a rare achievement that further solidified the company’s reputation for reliability and investor protection.
Commitment to Operational Excellence and Transparency
Commenting on the successful completion of the issuance, Dr. Ayemere O. Victor, Managing Director and Chief Executive Officer of Zeenab Foods Limited, described the outcome as a testament to the company’s credibility and the resilience of its business model.
“The success of this issuance reflects the strength of our business model, our operational resilience, and the trust investors continue to place in Zeenab Foods,” Dr. Victor stated. “The proceeds will be strategically deployed to fund our working capital requirements and further strengthen our operational efficiency as we continue to expand our footprint across Nigeria’s agro-industrial landscape.”
He further extended appreciation to Pathway Advisors Limited, the Financial Adviser, Transaction Sponsor, and Lead Arranger of the programme, for their strategic guidance and professionalism, as well as to the Joint Dealers for their collaborative role in ensuring the transaction’s success.
Advisers Praise Zeenab’s Consistency and Market Performance
In his remarks, Mr. Adekunle Alade, Founder and CEO of Pathway Advisors Limited, commended Zeenab Foods for its strong financial governance and consistent performance, describing the oversubscription as a clear reflection of investor confidence in the company’s vision and leadership.
“We are proud to have supported Zeenab Foods Limited on another successful CP issuance,” Alade said. “The strong market response demonstrates investors’ belief in Zeenab’s sound corporate governance, credit profile, and growth strategy. The company’s track record of timely redemption of all previous CP obligations has further enhanced its market credibility.”
Mr. Alade also acknowledged the contributions of the Joint Issuing and Placing Agents/Dealers—AIICO Capital Partners Limited, FSDH Capital Limited, Rand Merchant Bank Limited, and Boston Advisory Limited—whose collaboration ensured the smooth execution of the transaction.
He reaffirmed Pathway Advisors’ commitment to assisting strong, growth-oriented Nigerian companies in accessing short- and long-term funding from the domestic capital market. “Our mission is to continue bridging the gap between investors and credible issuers, enabling efficient capital allocation that drives national development,” he said.
Strengthening the Nigerian Capital Market
The success of Zeenab Foods’ latest commercial paper offering not only strengthens its liquidity position but also reinforces growing investor appetite for corporate debt instruments in Nigeria. In a period marked by tight monetary policy and economic uncertainty, the oversubscription sends a strong signal of confidence in the agro-processing sector and its resilience as a driver of inclusive growth.
Market analysts note that Zeenab’s consistent performance, backed by solid governance structures, has positioned it as one of the most trusted non-bank issuers in Nigeria’s private debt market. The company’s prudent use of debt financing, coupled with its commitment to sustainable agricultural value chains, continues to attract institutional investors seeking both stability and growth.
As Nigeria intensifies efforts to deepen its capital market and diversify financing sources for private enterprises, Zeenab Foods’ achievement stands as a model of corporate discipline and transparency. The firm’s ability to attract strong investor participation across multiple funding rounds highlights the growing maturity of Nigeria’s financial ecosystem and the crucial role of well-managed issuers in sustaining market confidence.
“We remain committed to maintaining the highest standards of integrity, accountability, and performance,” Dr. Victor concluded. “This achievement is not just a reflection of investor trust—it is a reaffirmation of Zeenab’s mission to drive sustainable growth in Nigeria’s food and agricultural sector.”
