Zeenab Foods Limited, a leading agro-allied and food processing company, has successfully completed an oversubscribed ₦25.4 billion Series 1 Commercial Paper (CP) issuance under its newly established ₦50.00 billion Commercial Paper Programme. The offer, initially set at ₦10.00 billion, recorded strong demand from a broad range of institutional investors, reflecting continued confidence in the company’s credit profile and business fundamentals.
This new Programme succeeds Zeenab Foods’ previous ₦20 billion CP Programme registered in 2024, under which the company raised up to ₦22 billion across multiple Series and Tranches. All matured obligations under the previous Programme were fully redeemed ahead of their respective due dates, demonstrating Zeenab’s unwavering commitment to performance and investor confidence.
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Speaking on the successful issuance, the Managing Director/CEO of Zeenab Foods Limited, Ayemere O Victor, said “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. The proceeds from this issuance will be strategically deployed to fund our working capital requirements and further strengthen our operational efficiency.”
Dr Victor further expressed appreciation, acknowledging Pathway Advisors Limited for their professionalism and leadership as Financial Adviser, Transaction Sponsor, and Lead Arranger to this Programme, as well as the Joint Dealers for their collaboration and contribution to the success of this transaction.
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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,” he added.
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.
About Zeenab Foods
Zeenab Foods Limited is a food processing and agro-commodity trading company established in 2011. Zeenab Foods operates three main business segments, namely:
The Company’s operation is focused on value addition and the processing of farm produce. The key inputs to this process include Rice paddy, unprocessed beans, millet, sorghum, and ginger, among others, which are sourced through aggregators and direct off-take agreements with markets.
ZFL owns two factories located in the Federal Capital Territory (Abuja) and Kano State. The company was also appointed as the operator of the Nigerian Export Trade House in the China / Far East region by the federal Government through the Nigerian Export Promotion Council’s export expansion facility program. Zeenab Foods commissioned a liaison office in Lagos to drive export volumes.
Zeenab Foods Limited has been rated “A” and A+ by Agusto & Co and DataPro Limited, respectively.
