Leading agro-allied and food processing company, Zeinab Foods Limited, has successfully completed the oversubscribed ₦25.4 billion Series 1 Commercial Paper (CP) issuance under its newly established ₦50.00 billion Commercial Paper Programme. The offer, initially priced at ₦10.00 billion, recorded strong demand from a wide range of institutional investors, reflecting continued confidence in the company’s credit profile and business fundamentals.
This new program replaces Zeinab Foods’ previous ₦20 billion CP program registered in 2024, under which the company has raised up to ₦22 billion across multiple tranches and tranches. All matured obligations under the previous program were fully redeemed before their respective due dates, reflecting Zeinab's unwavering commitment to performance and investor confidence.
Speaking on the successful issuance, Dr. Aymere O., Managing Director/CEO of Zainab Foods Limited. Victor, Said “The success of this issue reflects the strength of our business model, our operational flexibility and the confidence reposed in Zainab Foods by investors. The proceeds from this issue will be strategically deployed to meet our working capital requirements and further strengthen our operational efficiency.”
Dr. Victor expressed his appreciation for the professionalism and leadership of Pathway Advisors Limited as the financial advisor, transaction sponsor and lead arranger for this event, as well as the joint dealers for their cooperation and contribution to the success of this transaction.
Commenting on the transaction, Founder/CEO of Pathway Advisors Limited, Mr. Adekunle Alade said: ''We are proud to support Zeinab Foods Limited in the issuance of another successful CP. The strong market response and oversubscription demonstrates investor confidence in the financial performance, corporate governance and credibility of Zainab Foods. We appreciate the continued confidence of the Board and management of Zeinab 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 cooperation and valuable contribution to the success of this issuance.
Mr Alade highlighted the impressive track record of Zeinab Foods Limited since 2024, marked by several successful commercial paper issuances and full redemption of all matured obligations. He said that this stability has strengthened the confidence of investors in the company.
Mr. Alade affirmed the commitment of Pathway Advisors Limited to supporting credible companies to access short and long-term financing from the Nigerian capital market.
About Zeinab Foods Limited
Zeinab Foods Limited is a food processing and agri-commodity trading company established in 2011. Zeinab Foods operates three main business segments, namely:
Rice Paddy Milling: The installed milling capacity of the rice mill is 120 metric tons (MT) per day. The company plans to double its current rice milling capacity by the fourth quarter of 2025 to increase its share in the rice market in Nigeria.
Export of processed and packaged agricultural commodities including dried split ginger, cassia tora, sesame seeds, cashew nuts, peanuts, cassava chips and gum Arabic to China and other countries.
Food Supply Contracts: Zeinab Foods supplies grain and other agri-commodities to international donor agencies to support various humanitarian aid projects. These include beans, jowar, millet, maize etc.
The company's operations focus on value addition and processing of agricultural produce. Major inputs to this process include rice paddy, unprocessed beans, millet, jowar and ginger etc., which are procured through direct offtake agreements with aggregators and farmers.
ZFL has two factories located in the Federal Capital Territory (Abuja) and Kano State. The company was also appointed by the Federal Government through the Export Extension Facility Program of the Nigerian Export Promotion Council as the Operator of the Nigerian Export Trading House in the China/Far East Region. Zeinab Foods set up a liaison office in Lagos to increase export volumes.
Zeinab Foods Limited is rated “A” And A+ By Augusto & Company And Datapro Limited, Respectively.
