By Sunbeth Global Concepts Limited, a Nigerian agro-commodities exporter, said it had fully redeemed 25.1 billion naira ($16.7 million) in Series 1 commercial paper on its scheduled maturity date, the company said in a statement.
The redemption, completed on Sept. 4, was made under Sunbeth’s 200 billion naira commercial paper programme, which the company said received regulatory approval in March 2026.
Commercial paper is a short-term, unsecured debt instrument that companies use to raise working capital, typically maturing within a year.
Sunbeth, one of Nigeria’s largest cocoa exporters, said the timely payout reflected its liquidity position and ability to meet obligations to investors in the debt instrument.
“Meeting our Series 1 obligation in full and on schedule reflects the strength of our business fundamentals, prudent financial management and the confidence investors have placed in Sunbeth,” Chief Executive Olasunkanmi Owoyemi said in the statement.
Under the programme, Sunbeth completed three issuances – Series 1, Series 2 and Series 3 – in March 2026. The offerings drew total subscriptions of 165.73 billion naira, well above an initial target of 100 billion naira, the company said. Sunbeth accepted 150.4 billion naira across the three series.
Chief Financial Officer Adeyemi Aduwo said the redemption reflected a “disciplined approach” to capital and liquidity management.
“Our focus remains on deploying capital efficiently, maintaining strong financial controls and ensuring that our growth is supported by a funding structure that enables us to meet our obligations as they fall due,” Aduwo said.
Sunbeth said it holds investment-grade ratings from four Nigerian credit rating agencies. The company is rated A2 on the short-term scale by DataPro, GCR, Agusto & Co. and Intelligence Africa.
On the long-term scale, Sunbeth is rated A by DataPro, BBB+ by GCR, BBB by Agusto & Co. and BBB+ by Intelligence Africa, the last with a stable outlook, according to the statement.
The company’s commercial paper programme is subject to disclosure and reporting requirements set by FMDQ Securities Exchange, Nigeria’s over-the-counter market for fixed income and currency instruments, which the company said gives noteholders ongoing visibility into its financial position.
Nigerian companies have increasingly turned to the commercial paper market in recent years to raise short-term funding as banks tighten lending conditions and interest rates remain elevated. Successful redemptions are closely watched by investors as a signal of an issuer’s creditworthiness.
Founded in 2017, Sunbeth has grown into a significant player in Nigeria’s non-oil export sector, according to the company. It said it has exported more than 200,000 metric tons of cocoa beans and 60,000 metric tons of cashew nuts to international markets over its history.
The company said it works directly with more than 30,000 farmers and collaborates with over 250 local buying agents across Nigeria. Its trading partners include Cargill, GCB Group, JB Cocoa, Touton, Macquarie and StoneX, it said.
Nigeria is Africa’s second-largest cocoa producer after Ivory Coast, and the crop is a major source of non-oil export earnings for the country as it seeks to diversify revenue away from crude oil.
Sunbeth said it plans to continue expanding its procurement capacity and international partnerships, and to grow its footprint in higher-value segments of the agricultural supply chain in Nigeria and other parts of sub-Saharan Africa.
