September 2, 2025/FSDH Capital Update

FSDH Capital Limited is pleased to inform you that Jilnas Nigeria Limited (“Jilnas” or “the Issuer”), up to ₦3 Billion Series 1 Commercial Paper (“CP”) Issuance under its ₦10 Billion Commercial Paper Programme is REPRICED and STILL OPEN. The Offer is expected to close on 04 September 2025.  

Jilnas Nigeria Limited is an indigenous Limited Liability Company, incorporated under the Laws of the Federal Republic of Nigeria (RC 287701). The Company is engaged in the production and manufacturing of edible vegetable oil through extraction, refining, bleaching, and deodorising (de-acidification). Jilnas commenced operations in 1992 as a supplier of palm oil products to soap manufacturing companies such as International Equitable Limited, Unilever Nigeria Plc, and PZ Cussons Nigeria Plc.  

Since then, the Company has expanded into full-scale refining of palm kernel oil into Palm Kernel Olein (PKO), popularly known as vegetable oil, as well as Palm Kernel Stearin (PKS) and Palm Kernel Cake (PKC), primarily for sale to wholesalers. Starting with an initial production capacity of 50 tonnes per day (TPD), Jilnas has grown significantly, now operating a 200 TPD solvent extraction plant, three silos, a 200 TPD refinery, and a high-capacity roasting unit. The current effective production capacity stands at 200 TPD.  

Jilnas is reputed to be the largest manufacturer of processed edible vegetable oil in the Southeast and South-South regions of Nigeria, with strong market penetration in Northern states such as Kano, Kaduna, and Adamawa. This achievement is largely attributed to its long-standing commitment to quality.  

The Company is well-positioned to remain competitive within the industry. Key competitors include Presco Plc, Okomu Oil Nigeria Ltd, Grand Cereals Ltd, Devon Kings, and RIMCO Nigeria Ltd. Unlike many agricultural businesses, Jilnas operates year-round, as its products are in consistent demand throughout the year. Furthermore, the business is insulated from foreign exchange volatility, as all raw materials and inputs are locally sourced, contributing to overall operational stability.

Financial Highlights:

The Company has demonstrated an excellent track record of fulfilling its debt obligations at maturity, with the following instruments successfully redeemed under its previous programme.

• Series 1 & 2 Commercial Papers – ₦3.093 billion, redeemed in May 2023
• Series 3 Commercial Paper (Tranche A & B) – ₦0.532 billion, redeemed between February and March 2024  
• Series 1 Private Note – ₦1.251 billion, redeemed in September 2024

Please find below a summary of the Commercial Paper Issuance:

*Kindly note that the yield payable on the Note is subject to Withholding Tax (WHT), in line with applicable Nigerian tax regulations.

Kindly click  here to access the following transaction documents:  

• Programme Memorandum
• Series 1 Pricing Supplement
• Investors’ Presentation
• DataPro Rating Report
• Audited Financial Statements (2021 to 2024)
• Management Account (H1 2025)
• FMDQ Approval Letter
• SEC Approval
• Commitment Form