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Twenty-three companies brought commercial paper offers to the Nigerian money market during the third quarter of 2026, targeting a combined N446.1 billion across 43 series under programmes with a total registered size of N1.98 trillion, as corporates continued to tap the short-term debt market to meet working capital needs.
Nairametrics Research analyzed commercial paper offer documents, issuer disclosures and FMDQ market records published between July and September 2026.
The ten largest offers collectively targeted N350 billion, representing 78.5% of all commercial paper issuance tracked during the quarter. All ten offers were primarily directed at working capital financing, reflecting the predominant use of commercial paper as a short-term liquidity instrument among Nigerian corporates.
Two of the ten offers were structured as non-interest commercial papers under a Murabahah arrangement, in which a special purpose vehicle procures commodities or assets on behalf of the ultimate borrower and sells them on a deferred payment basis at a disclosed profit rate, providing a Shariah-compliant alternative to conventional discount-based commercial paper.
10. Skymark Partners Limited (N15 billion)
Skymark Partners Limited offered the tenth largest commercial paper in Q3 2026, targeting N15 billion across two series under a N200 billion programme. The offer opened on September 3 and closed on September 11, 2026.
Series 9 carried a tenor of 191 days with an implied yield of 21.50%, while Series 10 had a tenor of 361 days with an implied yield of 24.50%. The paper was rated A+ by DataPro and the proceeds were earmarked for working capital requirements.
9. TrustBanc Holdings Limited (N20 billion)
TrustBanc Holdings Limited targeted N20 billion across two series under a N100 billion programme, with the offer opening on July 2 and closing on July 6, 2026, the earliest offer among the four issuers tied at this target size.
Series 3 carried a tenor of 268 days with an implied yield of 21.00%, while Series 4 had a tenor of 364 days with an implied yield of 23.50%. The paper was rated Bbb by Agusto and BBB by DataPro on a long-term basis. Proceeds were directed at short-term working capital requirements.
8. Homeport Non-Interest Funding SPV Limited (N20 billion)
Homeport Non-Interest Funding SPV Limited targeted N20 billion across two series under a N100 billion programme. The offer opened on July 6 and closed on July 10, 2026.
The offer was structured as a non-interest commercial paper under a Murabahah arrangement, with the SPV using the proceeds to acquire export-grade raw materials, specifically roofing sheets, from pre-approved suppliers for onward sale to its promoter on a deferred payment basis.
Series 1 carried a tenor of 270 days with a profit rate of 21.50%, while Series 2 had a tenor of 364 days with a profit rate of 23.50%. The paper was rated A2.NG and A1 by Intelligence Africa and DataPro respectively on a short-term basis.
7. Zeenab Foods Non-Interest Funding SPV Limited (N20 billion)
Zeenab Foods Non-Interest Funding SPV Limited targeted N20 billion through a single 364-day series under a N200 billion programme. The offer opened on August 24 and closed on September 1, 2026.
Like Homeport, the offer was structured as a non-interest commercial paper under a Murabahah arrangement. The SPV used the proceeds to procure agricultural commodities for sale to Zeenab Foods Limited, its related operating company, on a cost-plus deferred payment basis.
The profit rate on the paper was 24.00%. The paper was rated A1 and A+ by DataPro and A1 and A- by Agusto on a short-term and long-term basis respectively. Zeenab Foods Limited, the operating entity, also appeared separately in this ranking at rank 5 with a conventional commercial paper offer of its own.
6. VFD Group PLC (N20 billion)
VFD Group PLC targeted N20 billion across two series under a N50 billion programme. The offer opened on August 28 and closed on September 4, 2026.
Series 2A carried a tenor of 270 days with an implied yield of 21.50%, while Series 2B had a tenor of 364 days with an implied yield of 23.50%.
The paper was rated A1 by DataPro. Proceeds were directed at short-term working capital needs and general funding requirements. The minimum subscription was N5 million.
5. Zeenab Foods Limited (N25 billion)
Zeenab Foods Limited targeted N25 billion through a single 364-day series under a N50 billion programme. The offer opened on August 4 and closed on August 10, 2026.
The series carried an implied yield of 24.50%, among the highest in the quarter’s top 10. The paper was rated A1 and A- by Agusto and A1 and A+ by DataPro on a short-term and long-term basis respectively. Proceeds were earmarked for working capital financing.
As noted above, Zeenab Foods Non-Interest Funding SPV Limited, a related entity that procures commodities on Zeenab Foods Limited’s behalf, also appeared in this ranking at rank 7.
4. Johnvents Industries Limited (N30 billion)
Johnvents Industries Limited targeted N30 billion across three series under a N100 billion programme. The offer opened on July 28 and closed on August 4, 2026.
Series 25 carried a tenor of 180 days with an implied yield of 19.00%, Series 26 had a tenor of 271 days with an implied yield of 22.50%, and Series 27 had a tenor of 364 days with an implied yield of 24.50%.
The paper was rated Bbb+ by Agusto and BBB+ by GCR. Proceeds were directed at short-term capital requirements.
3. Sunny Owo Ventures Nigeria Limited (N50 billion)
Sunny Owo Ventures Nigeria Limited targeted N50 billion across two series under a N300 billion programme. The offer opened on July 28 and closed on July 31, 2026.
Series 1 carried a tenor of 270 days with an implied yield of 22.75%, while Series 2 had a tenor of 364 days with an implied yield of 24.75%, the highest implied yield among all offers in the top 10.
The paper was rated A1 and A by DataPro and A1.NG and AA-.NG by Intelligence Africa on a short-term and long-term basis respectively. Proceeds were directed at working capital requirements.
2. Payaza Africa Limited (N50 billion)
Payaza Africa Limited targeted N50 billion across two series under a N150 billion programme. The offer opened on August 5 and closed on August 7, 2026, one of the shortest subscription windows in the quarter at just two days.
Series 3 carried a tenor of 270 days with an implied yield of 21.50%, while Series 4 had a tenor of 364 days with an implied yield of 23.00%, the lowest maximum implied yield among the top five offers.
The paper carried ratings from four agencies — A1 and A- from Agusto, A1 and AA- from DataPro, A2 and A- from GCR, and A2 and A- from Intelligence Africa. Proceeds were directed at working capital requirements.
1. Pivot Integrated Energy Services Limited (N100 billion)
Leading the ranking is Pivot Integrated Energy Services Limited, which targeted the largest commercial paper offer of Q3 2026 at N100 billion across three series under a N300 billion programme. The offer opened on July 23 and closed on July 31, 2026.
Series 1 Tranche A carried a tenor of 180 days with an implied yield of 19.15%, Tranche B had a tenor of 270 days with an implied yield of 22.79%, and Tranche C had a tenor of 364 days with an implied yield of 24.50%.
The paper carried ratings from three agencies, A3 short-term and Bbb- long-term from Agusto, A3 short-term and BBB long-term from GCR, and A1 short-term and A- long-term from DataPro. Proceeds were directed at working capital financing.
At N100 billion, Pivot Integrated Energy Services Limited’s offer was twice the size of either of the two N50 billion offers that followed it in the ranking and accounted for approximately 22.4% of total commercial paper issuance tracked during Q3 2026.
