Zeenab Foods Limited, a prominent food processing and agro-commodity trading company with a significant operational presence in Abuja, has announced the successful early redemption of its ₦3.43 billion Commercial Paper (CP) obligations. This encompasses Series 1 (Tranche B) and Series 2 (Tranches A & B), which matured in March and April 2025, respectively. The company’s proactive repayment to all investors ahead of the scheduled due dates underscores its robust liquidity position and strong commitment to sound financial management.
The successful redemption also highlights Zeenab Foods’ dedication to transparency and the cultivation of trust within the Nigerian Debt Capital Market.
Dr. Ayemere O. Victor (Ph.D), the Managing Director and CEO of Zeenab Foods Limited, expressed his satisfaction with this achievement. “This redemption reflects our Company’s credibility, business excellence, and dedication to maintaining investor trust,” he stated. “We remain focused on building a reputation anchored on transparency, resilience, and sustainability.”
Dr. Victor also extended his gratitude to the company’s investors and stakeholders. “We are deeply grateful to our institutional investors for their confidence in Zeenab Foods Limited. Special thanks to Pathway Advisors Limited, our Financial Adviser, Transaction Sponsor, and Lead Arranger, for their continued professional guidance and unwavering support throughout the transaction.”
Mr. Adekunle Alade, the Managing Director/CEO of Pathway Advisors Limited, commended Zeenab Foods Limited for its financial discipline and strong business fundamentals, which have been instrumental in bolstering investor confidence. He highlighted the company’s consistent track record, including the previous successful redemption of a ₦1.6 billion Commercial Paper in September 2024. “Pathway Advisors Limited is proud to have played a pivotal role in Zeenab Foods Limited’s successful capital-raising efforts and the settlement of its ₦3.43 billion obligations,” Mr. Alade noted. He further reiterated Pathway Advisors Limited’s ongoing commitment to supporting Zeenab Foods Limited and other reputable mid-market companies in accessing the Nigerian capital market.
About Zeenab Foods Limited:
Established in 2011, Zeenab Foods Limited operates from its two factories located in Abuja and Kano State, focusing on value addition and the processing of farm produce. The company’s key business segments include:
- Milling of Rice: With a current installed capacity of 120 metric tonnes per day, Zeenab Foods aims to double its rice milling capacity by 2025 to capture a larger share of the Nigerian rice market.
- Export of Agro Commodities: Zeenab Foods exports processed and packaged agro commodities such as dried split ginger, cassia tora, sesame seeds, cashew nuts, and cassava chips to China and other international markets.
- Food Supply Contracts: The company is a key supplier of grains and other agro-commodities to international donor agencies, supporting various humanitarian aid projects with products like beans, sorghum, millet, and maize.
Notably, Zeenab Foods Limited has also been appointed by the Federal Government, through the Nigerian Export Promotion Council, as the operator of the Nigerian Export Trade House in China / Far East region, further solidifying its role in the Nigerian agricultural and export sectors. The company also maintains a liaison office in Lagos to enhance its export operations.
This successful redemption of its Commercial Paper obligations underscores Zeenab Foods Limited’s financial stability and its commitment to growth and reliability within the Nigerian business landscape, particularly within the Federal Capital Territory and beyond.
Leave a Reply