September 22, 2026/Pathway Holdings
Pathway Advisors Limited has once again demonstrated its capabilities in Nigeria’s capital market with the successful completion of a landmark ₦45 billion Hybrid Commercial Paper (CP) Offer for Zeenab Foods Limited, which recorded strong demand from institutional investors across both conventional and non-interest-based investment segments.
The transaction comprised a ₦25 billion Conventional Commercial Paper issuance and a ₦20 billion Non-Interest-Based Commercial Paper issuance, providing Zeenab Foods Limited with access to diversified sources of short-term funding while creating investment opportunities for a broader spectrum of institutional investors.
The Offer attracted exceptional investor demand, with the Conventional Commercial Paper recording subscriptions of ₦28.8 billion, representing approximately 115% of the ₦25 billion target, while the Non-Interest Based Commercial Paper received subscriptions of ₦25.6 billion, representing approximately 128% of the ₦20 billion target.
In aggregate, the Offer attracted ₦54.4 billion in investor subscriptions against the ₦45 billion offered, representing an overall subscription level of approximately 121%.
The strong response demonstrates investor confidence in Zeenab Foods Limited, its business fundamentals, growth prospects, and strategic direction, as well as the attractiveness of the structured funding opportunity presented to the market.
Commenting on the transaction, Mr. Adekunle Alade (MBA, FCA, M.CIoD), the Founder and Chief Executive Officer of Pathway Advisors, said: “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.
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.
The strong investor response, which resulted in significant oversubscription across both the Conventional and Non-Interest Commercial Paper tranches, underscores the depth, resilience and evolving sophistication of Nigeria’s capital market.This transaction also demonstrates the growing appetite for innovative and inclusive financing solutions capable of catering to both interest-based and non-interest-based investors. At Pathway Advisors, we remain committed to structuring and executing innovative capital market solutions that provide businesses with efficient access to funding while creating attractive investment opportunities for a broad spectrum of investors.