Follow Us on Google Discover
Pivot Integrated Energy Services Limited (“Pivot”), a leading indigenous integrated downstream energy company, has successfully completed its maiden ₦100 billion Series 1 Commercial Paper (“CP”) issuance under its ₦300 billion Commercial Paper Programme.
The landmark issuance was oversubscribed at ₦100.08 billion, reflecting strong demand and significant confidence from institutional and sophisticated investors in Pivot’s business model, management team, growth strategy and credit fundamentals.
The successful transaction marks Pivot’s first entry into Nigeria’s debt capital market and represents a significant milestone in the Company’s growth journey. The strong investor response further demonstrates the depth, sophistication and resilience of Nigeria’s institutional investment community.
Proceeds from the issuance will support Pivot’s ongoing operations in the trading, storage, distribution and supply of refined petroleum products across Nigeria and selected African markets, providing additional funding capacity to support the Company’s continued growth and expansion.
Also Read
Commenting on the successful issuance, Mr. Babajide Babatope, Managing Director of Pivot Integrated Energy Services Limited, said:
“Today marks a defining chapter in Pivot’s growth story. Entering Nigeria’s debt capital market for the first time and achieving an oversubscription is an extraordinary milestone for the Company. It validates the strength of the platform we have built, the confidence investors have in our business and the opportunities ahead of us.”
“We are proud and humbled by the confidence demonstrated by our investors. This successful issuance provides us with additional funding capacity to execute our growth strategy, strengthen our operations and scale our business across Nigeria and selected African markets. We remain firmly focused on building a leading, resilient and sustainable downstream energy business.”
The successful outcome of the issuance represents a powerful endorsement of Pivot’s strategy and its positioning within the evolving downstream energy landscape.
This landmark achievement would not have been possible without the performance and outstanding advisory services provided by Pathway Advisors Limited, the Transaction Sponsor, Financial Adviser and Lead Issuing House & Lead Arranger, steering the transaction from structuring through to this resounding close.
Special thanks to our institutional investors for the overwhelming support. For a maiden entry into the Nigerian Commercial Paper market, the confidence demonstrated by these investors is especially significant. Their participation not only enabled the successful close of the ₦100 billion Series 1 Issuance but also reinforces the depth, sophistication and resilience of Nigeria’s institutional investment community. We are deeply grateful for the confidence reposed in Pivot, Pathway Advisors and the transaction, and we remain committed to delivering the highest standards of professionalism, transparency and value to the investing community.
Sincere appreciation also goes to the Joint Arrangers — Coronation Merchant Bank, Quantum Zenith Capital & Investments Limited, FCMB Capital Markets Limited, AIICO Capital Limited, FSDH Capital Limited, FSL Capital Limited, Greenwich Capital Markets Limited, United Capital Limited, Mainstreet Capital Limited, Rand Merchant Bank, and First Ally Advisory Limited; the Collecting & Paying Agents — ProvidusUnity Bank and Fidelity Bank Plc; Globus Bank Limited; Polaris Bank Limited; and Alliance Law Firm as Solicitor. Their collective diligence, professionalism and market expertise were instrumental in delivering this historic outcome for Pivot.
To every investor who placed their confidence in this maiden issuance, thank you. Your trust is the foundation upon which successful capital-market relationships are built, and we look forward to deepening these relationships through the subsequent phases of Pivot’s ₦300 billion Commercial Paper Programme.
Commenting on the transaction, Mr. Adekunle Alade (MBA, FCA, M.CIoD), the Founder and Chief Executive Officer of Pathway Advisors, said: “Debut issuances are always the ultimate test of market confidence. Pivot passed that test emphatically. The level of demand recorded for this maiden ₦100 billion Commercial Paper issuance is a powerful endorsement of the Company’s fundamentals, its management team and the strength of the investment proposition presented to the market.
This is a landmark achievement for Pivot and a significant milestone for Nigeria’s commercial paper market. We are particularly proud to have played a central role in bringing Pivot successfully into the debt capital market, and we look forward to supporting the Company through the subsequent phases of its ₦300 billion Commercial Paper Programme.
Pathway Advisors & Pivot extend our profound appreciation to the institutional investors whose trust, confidence and strong participation made this landmark outcome possible. We are particularly grateful to the Pension Fund Administrators (PFAs), Insurance Companies, Commercial and Merchant Banks, Asset Management Companies, Investment Funds, Corporate Treasuries and other institutional and sophisticated investors who participated in the Issuance. Their strong response represents more than successful subscription; it is a powerful endorsement of Pivot’s business model, management capabilities, growth strategy and credit fundamentals’’.
About Pivot Integrated Energy Services Limited
Pivot Integrated Energy Services Limited, incorporated in December 2017, is an indigenous integrated downstream energy company engaged in the importation, trading, storage, distribution and supply of refined petroleum products — including Premium Motor Spirit, Automotive Gas Oil and Aviation Turbine Kerosene — across Nigeria and selected African markets. It is one of 20 approved off-takers under the Dangote Refinery PMS Consortium, with a target allocation of 300 million litres per quarter. Pivot has also expanded regionally, with active operations in Ghana and a planned entry into Tanzania.
Pivot is rated A3 (Short Term) / Bbb- (Long Term) by Agusto & Co., A3 (Short Term) / BBB (Long Term) by GCR Ratings, and A1 (Short Term) / A- (Long Term) by DataPro Limited.
