Zitra Investments turns to capital market as deposits exceed N30 billion

Zitra Investments Limited is raising N50 billion through Commercial Paper (CP) Programme as it seeks additional funding to support lending, geographical expansion and investment in digital infrastructure, following growth in customer deposits to more than N30 billion in the first nine months of 2026.

The development was disclosed at the programme’s signing ceremony in Lagos, where the company’s management and transaction advisers disclosed objectives for the fund-raising initiative.

The programme provides Zitra with an additional capital market financing platform as its customer deposits and revenue expand, strengthening its capacity to support its growing financial services businesses.

Zitra deposits surpass N30 billion:

Speaking at the signing ceremony, Zitra Investments’ Chief Executive Officer, Babatunde Obadero, said customer deposits had increased significantly over five years, providing a stronger foundation for the company’s entry into the capital market.

Obadero said the growth in customer deposits demonstrated the confidence customers had placed in the institution and provided the platform to explore further funding opportunities.

• “Today, our customers have demonstrated tremendous trust in us. They have entrusted us with deposits exceeding N30 billion. This demonstrates the confidence they have in our institution and gives us the platform to approach the capital market and explore further opportunities for growth,” he said.
• Customer deposits increased from approximately N1.25 billion in the first nine months of 2021 to more than N30 billion in the corresponding period of 2026.
• Revenue also grew from approximately N600 million in the first nine months of 2021 to nearly N4 billion in 2026.
• The increase in deposits represents growth of more than 24 times over five years, reflecting the expansion of the company’s customer base and deposit mobilisation.
• The company said the N50 billion programme would support its financial services businesses and provide additional funding for its operational requirements.
• He explained that Zitra’s business ecosystem comprises a microfinance bank with opportunities to expand lending activities and an asset management company seeking to strengthen its working capital base.

The proceeds are expected to support the operational and funding requirements of these businesses, while facilitating geographical expansion, increasing transaction capacity and accelerating investment in digital infrastructure.

The company, however, did not disclose the amount it intends to issue immediately, the maturity period or the applicable pricing.

Nigerian firms embrace Commercial Paper:

Zitra’s entry into the commercial paper market comes amid increasing reliance on the instrument by Nigerian companies seeking alternatives to conventional bank borrowing.

The development reflects growing interest in capital market funding as businesses seek additional financing channels to support working capital, operational requirements and expansion plans.

• Nigerian companies raised N1.61 trillion through commercial paper issuances in 2025, according to Nairametrics Research.
• The amount represented a 40% increase from the N1.15 trillion raised in 2024.
• Commercial paper provides companies with access to short-term funding for working capital and other operational requirements.
• The instrument generally has a maturity period not exceeding one year, making repayment capacity and funding costs important considerations for issuers and investors.
• For Zitra, the N50 billion programme provides an opportunity to access this financing market as its financial services operations expand.
• Managing Director of Mulberry Advisory Services, Suru Daniels, described the programme as an important step towards strengthening Zitra’s position within Nigeria’s capital market.
• He said access to capital market funding would improve the company’s credibility among clients, business partners and other market participants.
• Daniels also noted that the programme size reflected Zitra’s ambitions and long-term growth plans.

Mulberry Advisory Services Limited served as Lead Arranger, while Duale, Ovia & Alex-Adedipe acted as Legal Adviser. FCMB was appointed Collecting and Paying Agent, with End2End Advisory serving as transaction adviser.

The transaction therefore brings together several capital market participants to facilitate the company’s access to commercial paper financing.

Zitra targets lending and digital expansion:

The N50 billion programme represents an additional financing platform for Zitra as it seeks to expand its financial services operations and strengthen its capacity to serve customers.

The company said its business ecosystem includes a microfinance bank and an asset management company, with different funding requirements supporting their respective activities.

• Zitra’s funding initiative involves several capital market and regulatory institutions, including the Securities and Exchange Commission (SEC), FMDQ and the Nigerian Exchange (NGX).
• Daniels acknowledged their support, alongside that of the Central Bank of Nigeria (CBN), which regulates an affiliate within the Zitra group.
• The programme size of N50 billion represents the registered financing platform and should not be interpreted as funds already raised by the company.
• For Zitra, the initiative provides another financing channel as it seeks to build on customer deposit growth, expand lending capacity and strengthen its digital financial services offering.

The next stage will be the actual issuance of commercial paper, with the amount raised, applicable interest rates and maturity terms determining the funding available to support the company’s expansion plans.