Pathway Advisors leads Zeenab Foods Limited’s successful N10bn commercial paper raise

Pathway Advisors Limited has announced its role as financial adviser, transaction sponsor, and lead arranger to Zeenab Foods Limited on the successful issuance of its N10 billion Series 4 Commercial Paper.

The offer, which forms part of Zeenab Foods’ N20 billion CP Programme, was oversubscribed by 102 percent, with total subscriptions amounting to N10.22 billion.

This CP issuance marks the fourth series under the programme. Notably, previous issuances that have matured were fully redeemed ahead of their maturities, reinforcing investor confidence and trust in Zeenab Foods’ creditworthiness, diversified business model, and financial discipline.

The Series 4 Issuance opened on Thursday, May 22, 2025, and closed on Friday, May 30, 2025. It attracted broader participation from institutional investors, including Pension Fund Administrators (PFAs), Asset Managers, Insurance Firms, and other key stakeholders in the Nigerian financial markets.

Proceeds from the issuance will be deployed as working capital for the procurement of paddy and other agro-commodities for export, in line with the company’s expansion strategy in the agricultural value chain.

In his remark, Ayemere O. Victor, managing director/CEO of Zeenab Foods Limited, stated: “The success of this issuance is a testament to the strength of our diversified business model, market reputation, and creditworthiness. My sincere appreciation goes to the Pension Fund Administrators (PFAs), Asset Managers, Insurance firms, and other institutional investors for their continued trust in Zeenab Foods Limited.

“These funds will be strategically utilized to fund the company’s working capital needs, ensuring continued operational efficiency and sustained business growth. Also, thanks to Pathway Advisors Limited for their pivotal role in the successful execution of the transaction,” he added.

Commenting on the transaction, Adekunle Alade, CEO/managing director of Pathway Advisors Limited, said: ‘’We are proud to have supported Zeenab Foods Limited on another successful CP issuance. The oversubscriptions of this issuance reflect strong investors’ confidence in Zeenab Foods Limited’s financial performance, corporate governance, and creditworthiness.

“We thank the Board and Management of Zeenab Foods Limited for entrusting us with this transaction. At Pathway Advisors Limited, we are committed to supporting credible companies in accessing short and long-term funding from the Nigerian capital market.”