FMDQ Lists N30.05bn Commercial Papers, VFD Rights Issue Opens

Nigeria’s capital market has witnessed a resurgence of investor activity as the FMDQ Securities Exchange approved fresh commercial paper (CP) issuances worth over N30.05 billion across three major corporates – Skymark Partners Limited, HillCrest Agro-Allied Industries Limited, and Champion Breweries Plc – within a single week.

Between October 15 and 24, the listings underscored a sustained appetite for short-term debt instruments as businesses seek flexible, cost-effective financing options in a period of tightening credit conditions.

According to FMDQ Exchange, Skymark Partners Limited received approval for the quotation of its N11.49 billion Series 48–50 CPs under its N30 billion issuance programme. Similarly, HillCrest Agro-Allied Industries Limited listed N3.56 billion Series 8–10 CPs under its N10 billion programme. Champion Breweries Plc joined with N4.22 billion Series 1 and N10.78 billion Series 2 CPs, bringing its total CP issuance to N15 billion under its approved programme.

The Exchange said the quotations reaffirm its role in facilitating access to the domestic debt capital market, enabling corporates to raise working capital and fund operational or expansion projects seamlessly.

Equity Market Sees Fresh Activity as VFD Rights Issue Commences Trading

In a parallel development, the Nigerian Exchange Group (NGX) announced the activation of the trading code for VFD Group Plc’s Rights Issue, which officially opened on October 15, 2025.

The offer comprises 5,067,396,400 ordinary shares of N0.50 each at N10 per share, on the basis of two new shares for every three held as of August 8, 2025. The move represents a significant capital-raising effort aimed at bolstering the company’s capital base, liquidity, and growth drive within Nigeria’s evolving financial services ecosystem.

Market analysts view these developments — across both the FMDQ and NGX platforms — as a strong vote of confidence in Nigeria’s corporate debt and equity markets. They attribute the renewed investor participation to regulatory transparency, market depth, and competitive listing frameworks that continue to attract both institutional and retail investors.

Corporate Issuances Reinforce Market Resilience

Over the past two years, FMDQ Exchange has established itself as the preferred marketplace for issuing commercial papers — a critical financing tool for corporates seeking quick liquidity while providing investors attractive yields.

The participation of firms such as Skymark Partners, HillCrest Agro-Allied, and Champion Breweries signals not only strong investor trust but also the creditworthiness and resilience of Nigerian corporates operating in finance, manufacturing, and agriculture.

Despite macroeconomic pressures, the consistent stream of CP listings and capital offers illustrates how companies are leveraging market-driven funding channels to maintain growth momentum, improve operational efficiency, and deliver sustainable shareholder value.

Key Figures

• N30.05 billion – Total raised from new FMDQ listings
• N11.49 billion – Skymark Partners (Series 48–50 CPs)
• N3.56 billion – HillCrest Agro-Allied (Series 8–10 CPs)
• N15 billion total – Champion Breweries (N4.22bn Series 1 & N10.78bn Series 2 CPs)
• N10/share – VFD Group Rights Issue price
• 2-for-3 – Rights ratio to shareholders