First Upland raises ₦2.09B in debut commercial paper for agri-processing push
What's the deal? First Upland Ventures has listed ₦2.09 billion (roughly $1.5 million) in commercial papers on FMDQ Securities ExchangeDealroom has a profile for this one. Try Dealroom → to accelerate value-added processing of cocoa, sesame seeds, and cashew nuts. The Nigerian agribusiness sources, processes, and exports agricultural commodities, with a growing focus on food processing.
The details: FMDQ's Board Listings and Markets Committee approved ₦0.63 billion in Series 1 and ₦1.46 billion in Series 2 commercial papers. Both fall under First Upland's larger ₦30 billion commercial paper issuance programme, making this its debut issuance.
What's the money for? Proceeds will support working capital, strengthen trade finance operations, and expand capacity to meet demand in its commodity trading and export business. United Capital acted as adviser on the transaction.
Why it matters: Managing director Olusegun Osinuga called the raise a milestone, saying investor participation showed "profound confidence in our operational excellence, disciplined execution, and long-term vision for transforming Nigeria's agricultural sector."
FMDQ framed the listing as evidence that Nigeria's capital markets can channel short-term funding into agriculture. By giving agribusinesses "a credible platform to raise short-term capital," the exchange said it is helping "strengthen food security value chains."
The signal: Debt capital markets are emerging as a funding channel for African agribusinesses looking to scale processing and exports. First Upland's debut suggests domestic investors are willing to back companies moving up the value chain — from raw commodity trading toward manufactured food products.
Read more: FMDQ Group · HeadTopics
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