Nigerian Firms Target N446.1 Billion in Q3 2026 Paper Offers

In the third quarter of 2026, twenty-three companies presented commercial paper offers in the Nigerian money market, aiming for a total of N446.1 billion across 43 series under programmes with a registered size of N1.98 trillion. Nairametrics Research analyzed these offers, revealing that the ten largest offers targeted N350 billion, which is 78.5% of the total issuance.

These offers were mainly for working capital financing, indicating the use of commercial paper as a short-term liquidity tool among Nigerian corporates. Notably, two of the ten offers were structured as non-interest commercial papers under a Murabahah arrangement.

Skymark Partners Limited offered N15 billion across two series, with Series 9 having a tenor of 191 days and an implied yield of 21.50%, while Series 10 had a tenor of 361 days with an implied yield of 24.50%. TrustBanc Holdings Limited targeted N20 billion, and Homeport Non-Interest Funding SPV Limited also targeted N20 billion, both for working capital needs.

Zeenab Foods Non-Interest Funding SPV Limited targeted N20 billion through a single series.