Zeenab Foods redeems US$2.65M in commercial paper demonstrating strong liquidity, investor confidence
The successful CP redemption follows a similar early settlement of N1.6 billion (US$1.23 million) under Series 1 (Tranche A) in September 2024
NIGERIA – Zeenab Foods Limited, a leading Nigerian food processing and agro-commodity trading company, has successfully redeemed its Commercial Paper (CP) obligations worth N3.43 billion (US$2.65 million) ahead of schedule.
The repaid instruments include Series 1 (Tranche B) and Series 2 (Tranches A & B), which matured in March and April 2025, respectively.
The early redemption marks a significant milestone in the company’s financial strategy, underscoring its strong liquidity, sound capital management, and growing credibility within Nigeria’s debt capital market.
“This redemption reflects our company’s credibility, business excellence, and dedication to maintaining investor trust,” said Dr. Ayemere O. Victor, Managing Director and CEO of Zeenab Foods Limited.
“We remain focused on building a reputation anchored on transparency, resilience, and sustainability,” he added.
Founded in 2011, Zeenab Foods operates across three main business segments: rice milling, agro-commodity exports, and food supply for aid initiatives. Its rice milling facility, located in Abuja, has a current installed capacity of 120 metric tonnes per day, with plans to double this output by the end of 2025 to capture a larger share of Nigeria’s rice market.
In addition to domestic operations, Zeenab Foods exports processed agricultural products, including dried split ginger, cassia tora, sesame seeds, cashew nuts, peanuts, cassava chips, and gum Arabic, to China and other Asian markets.
The company also supplies staple grains such as beans, sorghum, millet, and maize to international donor agencies in support of humanitarian aid projects.
The successful CP redemption follows a similar early settlement of N1.6 billion (US$1.23 million) under Series 1 (Tranche A) in September 2024, further demonstrating the company’s financial discipline and reliability in the capital markets.
“We are deeply grateful to our institutional investors for their confidence in Zeenab Foods Limited,” Special thanks to Pathway Advisors Limited, our Financial Adviser, Transaction Sponsor, and Lead Arranger, for their continued professional guidance and unwavering support throughout the transaction, Dr. Victor added.
Pathway Advisors Limited, a specialist capital markets advisory firm, played a central role in structuring the issuance under Zeenab Foods’ N20 billion (US$15.5 million) Commercial Paper Issuance Programme.
Mr. Adekunle Alade, Managing Director and CEO of Pathway Advisors, praised Zeenab’s business fundamentals and governance standards.
“Zeenab Foods’ success is rooted in strong financial discipline and operational excellence,” Alade stated.
He added that the company’s ability to consistently honor debt obligations ahead of maturity dates has solidified investor confidence.
We’re proud to support a company that exemplifies the potential of Nigeria’s mid-sized agribusiness sector.”
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