Zeenab Foods Limited is pleased to announce the successful redemption of its N3.43 billion Commercial Paper (CP) obligations under Series 1 (Tranche B) and Series 2 (Tranches A & B).
The CPs matured in March and April 2025, respectively, and the company fulfilled full repayment to all investors ahead of their respective due dates.
This successful redemption highlights Zeenab Foods’ robust liquidity position and unwavering commitment to sound financial management.
It also reflects the company’s ongoing dedication to transparency and trust in the Nigerian Debt Capital Market.
Dr. Ayemere O. Victor (Ph.D), Managing Director and CEO of Zeenab Foods Limited, commented on the development: “This redemption reflects our Company’s credibility, business excellence, and dedication to maintaining investor trust. We remain focused on building a reputation anchored on transparency, resilience, and sustainability.”
He further expressed appreciation to the investors and stakeholders, stating, “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, Managing Director/CEO of Pathway Advisors Limited, disclosed that “Pathway Advisors Limited is proud to have acted as Financial Adviser, Transaction Sponsor and Lead Arranger to Zeenab Foods Limited, playing a pivotal role in the company’s successful capital-raising efforts and the settlement of its N3.43 billion Series 1 (Tranche B) and Series 2 (Tranches A & B) obligations under its N20 billion Commercial Paper Issuance Programme.”
He commended Zeenab Foods Limited for its strong business fundamentals and financial discipline, which have reinforced investor confidence in the company. He also highlighted the company’s impressive track record, noting the recent successful redemption of N1.6 billion Series 1 (Tranche A) Commercial Paper on September 30, 2024, which further demonstrates Zeenab’s financial strength and reliability in the capital market.
He reiterated Pathway Advisors Limited’s ongoing commitment to leveraging its extensive capital market expertise to support Zeenab Foods Limited and other reputable mid-market companies seeking funding from the Nigerian capital market.
About Zeenab Foods Limited
Zeenab Foods Limited is a food processing and agro-commodity trading company established in 2011. Zeenab Foods operates three main business segments namely:
- Milling of Rice: The rice mill has an installed milling capacity of 120 metric tonnes (MT) per day. The Company plans to double its current rice milling capacity by 2025 to grow its share of the rice market in Nigeria.
- Export of processed and packaged agro commodities such as Dried Split Ginger, Cassia Tora, Sesame Seeds, Cashew Nuts, Peanuts, Cassava Chips, Gum Arabic etc. to China and other countries.
- Food Supply Contracts: Zeenab Foods Limited supplies grains and other agro-commodities to international donor agencies to support various humanitarian aid projects. These include Beans, Sorghum, Millet, Maize, etc.
The Company’s operation is focused on value addition and the processing of farm produce. The key inputs to this process include Rice paddy, unprocessed beans, millet, sorghum, and ginger among others, which are sourced through aggregators and direct offtake agreements with farmers.
Zeenab Foods Limited owns two factories located in the Federal Capital Territory (Abuja) and in Kano State. The company was also appointed as the operator of the Nigerian Export Trade House in China / Far East region by the Federal Government through the Nigerian Export Promotion Council’s export expansion facility program. Zeenab Foods Limited commissioned a liaison office in Lagos to drive export volumes.
Zeenab Foods Limited has been rated A by both Agusto & Co and Datapro Limited.
