We are pleased to announce the successful completion of Series 1, Series 2 and Series 3 issuances under our Commercial Paper Programme, as we raised a total of ₦165.73 billion, significantly exceeding the ₦100 billion initially targeted across the series.
The issuance, which opened to investors on February 27, 2026, and closed on March 6, 2026, was structured across three series with tenors of 179 days, 270 days and 364 days, providing investors with multiple short-term investment options.
The notes were issued at discount rates ranging from approximately 19.0% to 19.3%, with implied yields between 21.0% and 23.5%, reflecting market-aligned pricing and strong participation from qualified investors.
The issuances received strong participation from qualified investors, reflecting growing market confidence in our operating model, governance standards, and expanding role within the agricultural commodities value chain.
The proceeds from the issuances will be deployed primarily to support the working capital requirements of our cocoa trading business in Nigeria, strengthening our capacity to source, finance, and export cocoa from Nigeria to international markets.
Commenting on the successful close of the issuance and the strong investor participation, our Chief Operating Officer, Nzubechukwu Anisiobi, said,
“The strong investor response to our Series 1, 2 and 3 Commercial Paper issuances is a clear vote of confidence in Sunbeth’s business model and long-term strategy. We are deeply grateful to our investors and financial partners for their trust and support. This milestone further strengthens our capacity to scale our trading operations and deepen our contribution to Africa’s agricultural export sector”
Our Chief Finance Officer, Adeyemi Aduwo, also added that the outcome reflects increasing investor interest in Nigeria’s agricultural export value chain.
“The cocoa market is going through an important transition across West Africa, and companies that combine strong trading capabilities with disciplined capital management will be best positioned to capture the opportunity. This issuance strengthens our liquidity flexibility, allowing us to align funding with trading cycles, manage volatility through structured risk management and continue expanding across the cocoa value chain,”
he said.
Beyond trading, our long-term strategy is to deepen participation across the value chain, including processing and other higher-value segments that can deliver more stable margins while strengthening Africa’s position in the global cocoa market. We remain committed to maintaining strong financial discipline, transparency, and prudent capital deployment as we continue expanding our operations across Nigeria, Cameroon, Ghana, and other key commodity origin markets.
The Commercial Paper will be quoted on either FMDQ or the Nigerian Exchange (NGX), providing transparency and liquidity for participating investors.
