- Pathway Advisors Limited successfully led an oversubscribed N25.4 billion Series 1 Commercial Paper for Zeenab Foods Limited, exceeding the initial N10 billion offer by 254%.
- Zeenab Foods’ strong track record, including full early redemption of previous CP obligations, continues to attract institutional investor confidence.
- Proceeds from the issuance will be used to enhance working capital and operational efficiency, reinforcing Zeenab Foods’ growth strategy.
Pathway Advisors Limited, Nigeria’s leading issuing house and financial advisory firm, has achieved another milestone as the Financial Adviser, Transaction Sponsor, and Lead Arranger for Zeenab Foods Limited.
They oversaw another oversubscribed N25.4 billion Series 1 Commercial Paper issuance under its newly registered N50.00 billion Commercial Paper program.
The offer, initially set at N10.00 billion, was oversubscribed by an impressive 254%, resulting in a total issuance of N25.4 billion due to strong investor confidence in Zeenab Foods.
This new Program replaces the previous N20 billion CP Program registered in 2024, under which Zeenab Foods successfully raised up to N22 billion across multiple Series and Tranches. All matured obligations under the previous Program were fully redeemed before their due dates, highlighting the company’s consistent performance and dedication to investors.
The 270-day and 364-day tenor Series 1 CP attracted a broad range of institutional investors, reflecting strong,continued confidence in Zeenab Foods’ financial performance, market reputation, and creditworthiness.
According to the Managing Director/CEO of Zeenab Foods Limited, Dr. Ayemere O. Victor, “The success of this issuance reflects the resilience of our business model, our market reputation, and the trust investors continue to place in Zeenab Foods. The proceeds will be strategically deployed to fund our working capital needs and strengthen our operational efficiency.
We sincerely appreciate the unwavering support of our investors, particularly the pension fund administrators, asset managers, insurance firms, and other institutional investors who participated in this issuance.”
Dr. Victor also commended Pathway Advisors Limited for its professionalism and leadership as Financial Adviser, Transaction Sponsor, and Lead Arranger to the Programme.
Commenting on the transaction, the Founder/CEO of Pathway Advisors Limited, Mr. Adekunle Alade, said: ‘’We are proud to have supported Zeenab Foods Limited on another successful CP issuance. The strong market response and oversubscription demonstrate investors’ confidence in Zeenab Foods’ financial performance, corporate governance, and creditworthiness. We appreciate the continued trust of the Board and Management of Zeenab Foods Limited in Pathway Advisors Limited.”
We also express our gratitude to the Joint IPAs/Dealers involved in the transaction (AIICO Capital Partners Limited, FSDH Capital Limited, Rand Merchant Bank Limited, and Boston Advisory Limited) for their collaboration and valuable contribution to the success of this issuance.
Mr. Alade further highlighted Zeenab Foods Limited’s impressive track record since 2024, marked by multiple successful commercial paper issuances and full redemption of all matured obligations. He noted that this consistency has strengthened investors’ confidence in the company.
Mr. Alade reaffirmed Pathway Advisors Limited’s commitment to supporting credible companies to access short and long-term funding from the Nigerian capital market