56 Campanies Raised N1.5 trillion From Commercial Papers in 2023

56 Nigerian corporations raised N1.504 trillion using commercial papers in 2023, a staggering 499% rise over the N251 billion raised in 2022, according to data from the FMDQ Group.

As part of its N250.00 billion commercial paper issuance program, MTN Nigeria Plc raised the largest amount, with N375 billion raised in 7 issuances, according to statistics recorded by Nairametrics.

Following them was Dangote Cement, which as part of its N300.00 billion commercial paper issuance program raised N221.28 billion in six issuances in 2023.

Other notable amounts raised through commercial papers in 2023 include N150.97 billion raised by Flour Mills of Nigeria Plc through its N200.00 billion commercial paper issuance program and N116.49 billion raised by Nigerian Breweries Plc as part of its N100.00 billion commercial paper issuance.

Completing the list of the top ten CP issuers for 2023 were Sterling Bank with N47.86 billion raised, Dufil Prima Foods Plc with N47.19 billion, FSDH Merchant Bank with N46.08 billion, Julius Berger Nigeria with N30.00 billion, FBNQuest Merchant Bank with N29.42 billion, and Mixta Real Estate with N28.94 billion.

Bonds

Outside of commercial papers, some companies also utilized the corporate bonds route to raise funds.

According to data from FMDQ Group tracked by Nairametrics, N110.39 billion was raised through corporate bonds. However, this significantly declined by 83.8% from the N679.61 billion raised in the FMDQ through corporate bonds in 2022.

Aradel Holdings raised N10.31 billion as part of its N20.00 billion bond issuance program, and Lagos Free Zone Company raised N17.70 billion as part of its N61 billion bond issuance program.

FCMB Group raised N20.69 billion as part of its N300 billion bond program, while Flour Mills of Nigeria raised N46 billion as part of its N200.00 billion bond issuance program