GLNG Fund SPV Launches N7.5bn Series 4 Commercial Paper

GLNG Fund SPV Plc has launched a N7.5 billion Series 4 commercial paper offer, marking its third entry into Nigeria's short-term debt market, following the successful issuance of Series 1 in July 2025 and Series 2 in December 2025. The commercial paper program totals N30 billion, with the current offer scheduled to open on February 13, 2026, and close on February 20, 2026.

GLNG Fund SPV Plc, a special purpose vehicle, aims to raise capital through debt instruments, including bonds, on behalf of Green Fuel Limited (GFL) and GLNG. GFL operates in Nigeria's compressed natural gas market, serving major clients such as Nestlé Nigeria and Heineken.

The company plans to expand its liquefied natural gas capacity to 200,000 standard cubic meters per day in Abeokuta, Ogun State. Despite strong operational performance, GLNG reported a negative cash flow of N504 million in 2024, contrasting with N1.81 billion in 2023.

The Series 4 commercial paper offers an annual yield of 24%, appealing to short-term investors.