Moneda raises N6 billion as investors oversubscribe commercial paper by 120%

Moneda Investment Limited has raised N6 billion through its Series 1 Commercial Paper issuance, exceeding its initial N5 billion target by 20% under its N30 billion Commercial Paper Programme.

The transaction, which represents the first issuance under the programme, recorded 120% subscription, with investor demand allowing the company to increase the amount raised by N1 billion.

The successful issuance marks a move by Moneda to broaden its access to institutional capital and increase its capacity to finance businesses across Africa’s natural resource value chains.

What they are saying

Commenting on the raise, Ejike Egbuagu, Group Chief Executive Officer of Moneda, said the successful transaction demonstrated growing market acceptance of the company’s business model and investment strategy.

• “It is a big deal to put yourself out there in the capital markets and to be accepted, understood and welcomed by the market,” Egbuagu said.

He noted that Moneda operates an unconventional business model focused on financing and investing across Africa, adding that the market’s willingness to support the company was significant.

• “Our goal is to ensure the success of local content across Africa by supporting the SMEs that localise major investments. We will first deploy the capital we have raised properly, demonstrate how it has been put to work, and then return to the market for more,” he said.

Moneda said the funds would support businesses operating across natural resource value chains through alternative credit and operational support, with a focus on helping local businesses capture more value from major investments.

Company targets broader investor base

Emeka, Chief Financial Officer of Moneda, said the transaction marked a shift from the company’s previous reliance on a relatively close funding network to accessing the wider capital market.

• “This is a significant step in our history. Prior to now, our funding was largely within a close network, but with this programme we are approaching the market directly and becoming accountable to a broader investing public,” he said.

He added that the Commercial Paper Programme was structured to provide investors with comfort, particularly given that the Series 1 issuance was the company’s first transaction under the programme.

The N30 billion programme provides room for Moneda to conduct further issuances as it seeks to expand its funding base and finance additional opportunities across the natural resource sector.

Ebi Enaholo, Group Managing Director of MCL, said the completion of the Series 1 issuance followed a process that included regulatory filing, approval and investor marketing.

• “The transaction reflects the resilience of the team throughout the process, from regulatory filing and approval through to marketing,” Enaholo said.

He added that the completion of the first series at N6 billion provided a foundation for subsequent issuances under the programme.

What you should know

Moneda’s raise adds to the growing number of companies approaching the Nigerian debt market leading to an unprecedented surge in Commercial Paper issuances in 2026.

In the first 10 month of 2025, Nairametrics reported that commercial papers approved by the Securities and Exchange Commission (SEC) hit N1.37 trillion, reflecting growing recourse to short-term debt in corporate funding strategies.

However, actual drawdowns from these approvals remained significantly lower, according to data from the Commission.

SEC-approved issuances show that Corporates raised approximately N753 billion across multiple series and tranches, translating to a utilisation rate of about 54%.