Zeenab Foods targets N4.5bn from series 2 Commercial Paper notes

Zeenab Foods Limited is targeting to raise up to N4.5 billion from its Series 2 Commercial Paper (CP) Notes issuance, which is under its N50 billion Commercial Paper programme.

This will support the company’s short-term capital and funding requirements, enabling the company to buy paddy rice and other agro commodities for export.

This new Programme succeeds the previous N20 billion CP Programme registered in 2024, under which the Issuer successfully raised up to N22 billion across multiple Series and Tranches.

All matured obligations under the previous Programme were fully redeemed ahead of their respective due dates, underscoring the Company’s strong commitment to investors.

The CP issuance is part of the company’s long-term strategy to boost financial flexibility and strengthen its competitive advantage in the sector.

Zeenab Foods Limited is a food processing and agro-commodity trading company established in 2011. Zeenab Foods operates three main business segments.

The rice mill has an installed rice milling capacity of 120 metric tonnes (MT) per day with an average annual utilisation of 84 percent. The Company plans to double its current rice milling capacity by 2025 to grow its share of the rice market in Nigeria.

Zeenab exports items such as Dried Split Ginger, Cassia Tora, Sesame Seeds, Sorghum, Millet, White Beans, Cashew Nuts, Peanuts, Cassava Chips, Gum Arabic etc. to China and other countries.

Zeenab Foods supplies grains and other agro-commodities to international donor agencies like the United Nations World Food Programme (UN WFP), which the agency uses to support various humanitarian aid projects. These include Beans, Sorghum, Millet, Maize, etc.

The Company’s operation focuses on value addition and farm produce processing. The key inputs to this process include paddy rice, unprocessed beans, millet, sorghum, and ginger, among others, which are sourced through aggregators and direct offtake agreements with farmers.

ZFL owns two factories located in the Federal Capital Territory (Abuja) and Kano State. In 2022, Zeenab Foods was appointed the operator of the Nigerian Export House in China and recently commissioned a liaison office in Lagos to drive export volumes.

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos.

Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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