FMDQ Securities Exchange Limited has approved the quotation of First Upland Ventures Limited’s N0.63 billion Series 1 and N1.46 billion Series 2 Commercial Papers under its N30 billion Commercial Paper Issuance Programme.
The approval by FMDQ Exchange’s Board Listings and Markets Committee is expected to provide First Upland Ventures with additional short-term funding to strengthen its operations across Nigeria’s agricultural value chain.
First Upland Ventures is a Nigerian agribusiness company involved in the sourcing, processing and export of agricultural commodities and manufactured goods, with an increasing focus on food processing.
The proceeds from the commercial paper issuance, sponsored by United Capital Plc, will be used to support the company’s working capital requirements, strengthen its trade finance operations and improve its capacity to meet rising demand across its commodity trading and export business.
Commenting on the quotation, Group Chief Operating Officer of FMDQ Group Plc, Tumi Sekoni, said the transaction demonstrated the role of Nigeria’s capital markets in supporting the agricultural sector.
Sekoni said providing agribusinesses with platforms to raise short-term capital would help strengthen food security value chains and deepen investor participation in a sector critical to national development.
Managing Director of First Upland Ventures, Olusegun Osinuga, described the commercial paper issuance as a significant milestone in the company’s growth.
He said strong investor participation reflected confidence in the company’s operations, execution strategy and long-term plans for Nigeria’s agricultural sector.
According to Osinuga, the funding would enhance the company’s financial flexibility to accelerate value-added processing of cocoa, sesame seeds and cashew nuts.
He added that the capital raise would further strengthen First Upland’s position as an agricultural products exporter and emerging food processing company serving local and international markets.
Also commenting on the transaction, Managing Director, Investment Banking at United Capital Plc, Gbadebo Adenrele, said the strong investor response reflected confidence in First Upland’s operating track record and its role in Nigeria’s agricultural value chain.
Adenrele said the transaction also demonstrated the depth of Nigeria’s domestic debt capital market as a reliable funding channel for businesses.
He added that United Capital remained committed to helping companies raise capital efficiently while supporting economic development and long-term value creation.
FMDQ Exchange said it would continue to prioritise initiatives that connect capital with productive sectors of the Nigerian economy, particularly agriculture and agro-allied industries.
The Exchange said improved access to short-term funding for companies operating within these value chains would support capital formation, strengthen productive capacity and contribute to food security, improved rural livelihoods and inclusive economic growth.
FMDQ Group Plc is a vertically integrated financial market infrastructure group providing services across the financial markets value chain.
Its subsidiaries include FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited, which provide services spanning registration, listing, quotation and noting, trading, clearing and settlement, securities depository and market data services.
The Group operates across the debt capital, foreign exchange, derivatives and equity markets and, through FMDQ Exchange, operates the FMDQ Green Exchange, which focuses on supporting the transition towards a more sustainable economy.
