By Emmanuel Thomas l Thursday August 05, 2026
LAGOS – In a major development for Nigeria’s corporate debt capital market, investment banking firm Pathway Advisors Limited has officially announced the launch of Zeenab Foods Limited’s Series 3 Commercial Paper issuance of up to ₦25 billion.
The financial move, which is currently open to institutional and high-net-worth investors, represents a critical step in providing non-bank capital to strengthen Nigeria’s real sector, specifically the agro-processing and commodity export industries.
The Series 3 offer is being issued under Zeenab Foods’ existing ₦50 billion Commercial Paper Programme. According to official transaction details provided by the lead arranger, the subscription window formally opened to the investing public on August 4, 2026, and will close on August 10, 2026.
The issue and settlement date for successful subscribers is scheduled for August 11, 2026, while maturity will fall on August 10, 2027.
The proceeds derived from the ₦25 billion capital raise will be deployed directly towards working capital financing. This funding will support Zeenab’s short-term liquidity requirements across its extensive operational footprint, which spans paddy rice milling, international commodity trading, value-added agro-exports, and large-scale food delivery contracts.
Pathway Advisors Limited, acting in its capacity as the Lead Arranger and Issuing House for the transaction, has structured the 364-day debt instrument to deliver competitive returns for corporate treasury departments and institutional investors seeking low-risk, high-yield assets in Nigeria’s fixed-income space.
The Series 3 commercial paper carries a discount rate of 19.69 percent, translating to an effective yield of 24.50 percent per annum over its 364-day tenor. The offer is priced on a fixed-price basis, with a minimum entry threshold set at ₦5 million, allowing incremental participation in integer multiples of ₦1,000 thereafter.
Investment-Grade Ratings and Track Record
To reinforce investor confidence, leading credit rating agencies in Nigeria have assigned investment-grade ratings to Zeenab Foods, reflecting the company’s financial resilience, market position, and strong operational cash flows. Agusto & Co. assigned the company a Short-Term rating of A1 and a Long-Term rating of A-, while DataPro Limited evaluated the firm with a Short-Term rating of A1 and a Long-Term rating of A+.
Beyond the favorable credit ratings, Zeenab Foods brings a proven record of timely debt service to the capital market. The company has maintained a clean repayment history under both its historical ₦20 billion commercial paper framework and the expanded ₦50 billion programme.
Between 2024 and mid-2026, Zeenab successfully redeemed successive tranches across Series 1 through Series 4 ahead of their maturity dates, demonstrating strong corporate governance and fiscal discipline.
Strategic Operational Drivers and Market Expansion
The commercial paper issuance comes at a time when Zeenab Foods is rapidly expanding its production output and capitalizing on favorable regulatory shifts within the Nigerian agricultural landscape.
Established in 2011, the company operates across three primary business lines: paddy rice processing, export of packaged agro-commodities, and humanitarian food supply agreements.
A central growth catalyst for the company is the ongoing expansion of its processing infrastructure. Zeenab’s primary rice mill currently maintains an installed processing capacity of 180 metric tonnes per day, reflecting a 50 percent capacity upgrade completed in 2025. The plant operates at an average utilization rate of roughly 85 percent, supporting steady revenue generation.
Geographically, Zeenab’s footprint includes key processing plants in the Federal Capital Territory, Abuja, and Kano State. To drive its export business, the company maintains active liaison hubs in Asia and the Middle East, including offices in Changsha, Guangzhou, and Shanghai, alongside an operational regional center in Dubai.
Furthermore, Zeenab Foods has responded to domestic policy changes designed to encourage local processing. Following the Federal Government’s August 2025 ban on raw shea nut exports, Zeenab secured a lease for a 100 metric tonnes per day shea butter processing facility in Ogun State.
Plans are underway to scale this facility’s capacity to 300 metric tonnes per day, while concurrently diversifying into soya oil production, edible oil refining, and cocoa butter processing.
On the institutional side, the company continues to execute vital food supply contracts with international non-governmental organizations, most notably the United Nations World Food Programme (UN-WFP), helping to supply critical nutrition requirements across the Sahel region.
Role of Pathway Advisors
Pathway Advisors Limited is an issuing house, financial advisory, and investment firm registered with and regulated by the Securities and Exchange Commission (SEC), Nigeria.
The firm provides transaction advisory, capital raising, project finance, and mergers and acquisitions advisory services to corporate entities across West Africa.
Through this latest ₦25 billion issuance, Pathway Advisors reinforces its mandate of connecting creditworthy Nigerian corporates with capital market liquidity to drive sustainable economic development.
