NASD Lists Jilnas Nigeria’s N3bn Commercial Paper

NASD PLC has listed Jilnas Nigeria Limited’s N3bn Series 1 Commercial Paper (CP), marking the debut issuance under the company’s N10bn CP Programme and strengthening private sector participation in Nigeria’s capital market.

The offer opened on 27 August 2025 and closed on 4 September 2025, with a 270-day tenor and maturity scheduled for 2 June 2026.

Founded in 1992, Jilnas Nigeria Limited is a leading indigenous manufacturer of edible vegetable oil. Over the years, the Company has expanded from a 50-tonnes-per-day operation into a modern processing enterprise with a 200 TPD solvent extraction plant, a 200 TPD refinery, three storage silos, and a large-capacity roasting unit.

It serves as the dominant supplier of processed edible oils across Nigeria’s Southeast and South-South regions, with a growing market presence in the North.

Jilnas continues to demonstrate strong financial performance, posting steady revenue growth from N12.79bn in 2021 to N45.57bn in 2024. The Company also maintains an excellent debt repayment history, having redeemed more than N4.8bn in previous commercial paper and private note issuances.

The Series 1 CP, arranged by Pathway Advisors Limited, offers investors a competitive annual yield of 25 per cent and is expected to support Jilnas’ short-term working capital requirements as it consolidates its market leadership.

Speaking on the transaction, Founder and CEO of Pathway Advisors Limited, Adekunle Alade described the issuance as a significant milestone that reflects investor confidence in Jilnas’ fundamentals, governance standards, and long-term prospects.

He expressed appreciation to investors and commended NASD PLC for facilitating a seamless listing process.

Eguarekhide Longe, Managing Director of NASD PLC, welcomed the listing as a positive development for the private market space. He noted that an increasing number of credible private companies are now utilising NASD’s CP platform to access transparent and structured funding.

According to him, the pipeline of prospective listings remains strong, signalling sustained momentum in the market.

Market analysts say the continued uptake of commercial paper issuances by well-governed companies enhances investor confidence and contributes to a more vibrant ecosystem, enabling businesses to access the capital needed to scale operations and drive growth