By SCM Business Correspondent l Tuesday, Sept 22, 2026
LAGOS, Nigeria – In a further demonstration of depth and liquidity within Nigeria’s domestic capital market, Pathway Advisors Limited has successfully executed a landmark ₦45 billion Hybrid Commercial Paper (CP) issuance for Zeenab Foods Limited.
The multi-tranche transaction recorded robust demand across both conventional and ethical institutional investment segments, underscoring strong investor appetite for well-structured corporate debt instruments.
The landmark fundraising consisted of a dual-structure framework featuring a ₦25 billion Conventional Commercial Paper tranche alongside a ₦20 billion Non-Interest-Based Commercial Paper tranche.
By adopting this hybrid arrangement, the issuing house provided Zeenab Foods Limited with optimized access to diversified short-term liquidity while simultaneously creating specialized debt investment avenues for ethical, sharia-compliant, and conventional institutional asset managers.
Widespread Demand Drives Oversubscription
The capital market responded to the offer with significant enthusiasm, resulting in total demand well above the baseline target. Aggregate institutional subscriptions reached ₦54.4 billion against the initial ₦45 billion offer size, reflecting an overall subscription rate of approximately 121 percent.
A granular breakdown of the subscriptions highlights strong demand across both distinct tranches:
Conventional CP Tranche: The ₦25 billion offering attracted subscriptions totaling ₦28.8 billion, representing a 115 percent subscription rate.
Non-Interest CP Tranche: The ₦20 billion non-interest offering recorded subscriptions of ₦25.6 billion, representing a 128 percent subscription rate.
Market analysts note that the strong reception reflects institutional investor confidence in Zeenab Foods’ operating fundamentals, market positioning, and long-term strategic growth trajectory amidst evolving macro-economic conditions.
Strategic Alignment and Market Execution
Reacting to the successful closure of the offer, Mr. Adekunle Alade, Founder and Chief Executive Officer of Pathway Advisors, expressed gratitude to participating institutional partners and highlighted the significance of the hybrid structure.
“We are proud to have acted as Transaction Sponsor, Financial Adviser, Lead Issuing House, and Arranger to Zeenab Foods Limited on its landmark ₦45 billion Hybrid Commercial Paper Offer, comprising ₦25 billion Conventional Commercial Paper and ₦20 billion Non-Interest Commercial Paper,” Alade stated.
He continued: “We extend our profound appreciation to the institutional investors whose trust, confidence, and strong participation contributed significantly to the success of this landmark transaction. We are particularly grateful to the Pension Fund Administrators (PFAs), Insurance Companies, Asset Management Firms, Investment Funds, Corporates, and other institutional and sophisticated investors who participated in the Offer.”
Alade added that the significant oversubscription across both tranches demonstrates the growing sophistication and liquidity depth of the domestic capital market. He reaffirmed Pathway Advisors’ commitment to structuring inclusive financial products that connect corporate borrowers with efficient, diversified funding pools.
Speaking on the operational impact of the capital raise, Dr. Victor Ayemere, Chief Executive Officer of Zeenab Foods Limited, highlighted the milestone nature of the transaction for the company’s expansion plans.
“We are delighted with the successful completion of our ₦45 billion Hybrid Commercial Paper Offer and deeply appreciate the confidence and strong participation of the institutional and sophisticated investors who supported the transaction,” Dr. Ayemere noted.
“The successful Offer is a significant milestone for Zeenab Foods Limited and provides us with additional funding to support our growth and strategic objectives. We are particularly pleased that the hybrid structure enabled participation from both conventional and non-interest-based investors. We commend Pathway Advisors Limited and all transaction parties for their professionalism and commitment throughout the process. We remain focused on deploying the funds responsibly to strengthen our operations, drive sustainable growth, and create long-term value for our stakeholders.”
Capital Market Leadership
The successful execution of this dual-tranche debt deal reinforces Pathway Advisors’ position as a key intermediary in Nigeria’s corporate debt landscape.
Registered and regulated by the Securities and Exchange Commission (SEC), Nigeria, Pathway Advisors operates as an issuing house, investment banking, and financial advisory firm providing capital-raising, project finance, mergers and acquisitions advisory, and strategic financial services to corporate clients.
The firm is also a registered member and Transaction Sponsor on FMDQ Securities Exchange Limited and NASD PLC.
The firm’s track record was formally recognized at the BusinessDay Banking and Other Financial Institutions (BAFI) Awards, where Pathway Advisors was named Best Issuing House and Financial Advisory Firm of the Year 2025.
As corporate issuers increasingly explore flexible debt structures to balance financing costs and funding avenues, transactions such as Zeenab Foods’ hybrid commercial paper illustrate the capacity of Nigeria’s capital market to support corporate growth through innovative financial engineering.