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ThriveAgric, a leading technology-driven agricultural company has formally announced the successful debut of its commercial paper issuance, with the Series 1 issuance oversubscribed due to substantial institutional demand, enabling the Company to increase its initial ₦5 billion target and close the issuance at approximately ₦5.3 billion.
The successful issuance marks ThriveAgric’s debut in the Nigerian debt capital markets and represents a significant milestone in the Company’s growth and funding strategy.
The issuance follows the Securities and Exchange Commission’s (SEC) approval of ThriveAgric’s ₦50 billion Commercial Paper Programme, under which the Series 1 issuance was successfully completed. The Programme provides the Company with a platform to access the capital markets to support its growing working capital and expansion requirements.
The strong institutional participation reflects growing investor confidence in ThriveAgric’s financial strength, technology driven operating platform and business model. The successful transaction also establishes an additional funding channel for the Company as it continues to scale its operations and deepen its presence across Nigeria’s agricultural value chain.
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Proceeds from the issuance will be deployed towards strengthening the Company’s working capital base, supporting commodity aggregation and procurement, expanding its network of outgrower farmers, and scaling its agricultural trading operations across its operational hubs.
Reflecting on the milestone, Uka Eje, CEO and Co-Founder of ThriveAgric, stated: “Securing SEC approval for our ₦50 Billion CP Programme and completing this oversubscribed ₦5 Billion Series 1 raise validates our disciplined approach to corporate governance and capital management. Beyond the numbers, this institutional backing provides us with the financial flexibility to scale our operations, deepen our outgrower networks, and ensure prompt off-take for smallholder farmers. We are deeply grateful to our investors and capital market partners for their trust as we continue to build a resilient, tech-led agricultural ecosystem across Africa.”
Speaking on behalf of the transaction syndicate, Damilola Titiladunayo, Managing Director, Anchoria Advisory Services Limited – the Lead Issuing House, stated that: “The oversubscription of this Series 1 issuance is a strong signal of institutional confidence, both in ThriveAgric’s credit profile and in the structure, we brought to market. As Lead Issuing House, our role was to package a business with real operational depth into a bankable, well-governed capital markets instrument – and the market’s response validates that work.
“This transaction also reflects a broader shift we’re seeing, investors are increasingly ready to back Nigeria’s real economy, including agriculture, through structured capital markets instruments, not just traditional lending. We look forward to supporting ThriveAgric through the remaining tranches of the ₦50 billion programme“, Titiladunayo added.
Over nearly a decade of operations, ThriveAgric has demonstrated resilience while scaling its tech-enabled infrastructure across Africa. To date, the company has empowered over 1.2 million smallholder farmers, facilitated more than $150 million in financing, and significantly increased grain production to safeguard regional food supply chains.
ThriveAgric acknowledges the critical role played by the transaction advisors, lead and joint arrangers, legal counsels, rating agencies, and participating institutional investors – including pension fund administrators, asset managers, and commercial banks, whose support ensured the successful execution and oversubscription of this landmark debut raise.
