Sunbeth Global Concepts Ltd. raised N165.73 billion from investors after its commercial paper issuance was oversubscribed by 65 percent, highlighting strong demand for short-term corporate debt tied to Nigeria’s agricultural export sector.
The Lagos-based agro-commodities trading company had initially targeted N100 billion under Series 1, Series 2, and Series 3 issuances of its commercial paper programme, according to a statement on Monday.
The offer, which opened on February 27 and closed on March 6, was structured with tenors of 179 days, 270 days, and 364 days.
The notes were priced at a discount rate of about 19.0 percent to 19.3 percent, translating to implied yields of roughly 21.0 percent to 23.5 percent.
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Proceeds will primarily fund working capital for the company’s cocoa trading operations in Nigeria, allowing Sunbeth to scale sourcing, financing, and exports of cocoa to international markets, the company 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,” Nzubechukwu Anisiobi, chief operating officer of Sunbeth, said in the statement.
The successful issuance will strengthen the company’s ability to expand trading operations and deepen its role in Africa’s agricultural export sector, he said.
Adeyemi Aduwo, the company’s chief finance officer, said investor appetite reflects growing interest in Nigeria’s agricultural export value chain as global cocoa markets undergo structural shifts.
“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,” Aduwo said.
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The funding will help the company align financing with trading cycles and manage market volatility through structured risk management, he added.
Sunbeth said it plans to deepen participation across the cocoa value chain, including processing and other higher-value segments that can deliver more stable margins.
The commercial paper notes are expected to be quoted on either FMDQ Securities Exchange Ltd. or Nigerian Exchange Ltd., the company said, providing liquidity and transparency for investors.
Founded in 2017, Sunbeth Global Concepts sources and trades agricultural commodities, including cocoa and cashew, with operations across Nigeria, Cameroon, and Ghana and trading links to global export markets.
