Zeenab Foods Launches ₦20 Billion Series 1 Non-Interest Commercial Paper Offering 24% Return

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Zeenab Foods Non-Interest Funding SPV Limited—the special purpose funding vehicle of Zeenab Foods Limited—has opened subscription for its Series 1 up to ₦20 billion 364-day Non-Interest Commercial Paper Issuance.

Operating under a Murābaḥah (cost-plus deferred sale) structure, the net proceeds will be deployed by the SPV to purchase specific agricultural commodities, which will subsequently be sold to the Originator (Zeenab Foods) at an agreed mark-up.

The offer opened on August 24, 2026, and closes on September 1, 2026, with a fixed profit rate of 24.00% per annum.

Originator Profile & Financial Performance

• Core Revenue Drivers: Revenue surged from ₦13.24 billion in 2021 to ₦80.62 billion in 2025, reaching ₦37.59 billion in the 5 months ending May 2026. Growth is anchored by paddy rice milling (expanded to 180 MT/day capacity), international agro-exports across Asia and the Middle East, and humanitarian supply contracts with the United Nations World Food Programme (UN-WFP) across the Sahel.

• Industrial & Downstream Expansion: Following the August 2025 federal ban on raw shea nut exports, Zeenab secured a lease for a 100 MT/day shea butter facility in Ogun State (scaling to 300 MT/day) while diversifying into soya oil refining, edible oils, and cocoa butter processing.

• Debt Track Record: The company has previously redeemed ₦35.77 billion across multiple CP series and tranches under its prior ₦20 billion and current ₦50 billion commercial paper programs, settling all matured obligations ahead of due dates.

Zeenab Foods Limited has demonstrated strong financial growth, transitioning from a regional food trader into a major diversified agro-processing and export business.

Between 2021 and 2025, revenue expanded from ₦13.24 billion to ₦80.62 billion,…