One of Nigeria’s leading cocoa exporters, Sunbeth Global Concepts Limited, has secured approval to establish a N200 billion commercial paper (CP) programme, aimed at enhancing its cocoa export value chain and strengthening working capital management.
The company has already launched up to N100 billion across Series 1, 2, and 3 issuances under the programme, structured with tenors of 180 days, 270 days, and 364 days. The funds are intended to finance contractual working capital requirements, including inventory procurement and the execution of both physical and hedged offtake obligations in Sunbeth’s export operations.
The offer opened on Friday, 27 February 2026, and is set to close on Thursday, 5 March 2026, with allotment and settlement scheduled for Friday, 6 March 2026. Minimum subscription is N5 million, with additional multiples of N1 million, and the CP will be quoted on FMDQ and/or the Nigerian Exchange (NGX).
Expanding Nigeria’s Cocoa Export Footprint
Established in 2017, Sunbeth has exported over 200,000 metric tonnes of cocoa beans and 60,000 metric tonnes of cashew nuts to international markets. In 2025, the company recorded revenues exceeding N600 billion, highlighting its scale and influence within Nigeria’s agricultural export ecosystem.
Sunbeth works directly with more than 30,000 farmers and collaborates with over 250 local buying agents nationwide. Its global partners include Cargill, GCB Group, JB Cocoa, Touton, Macquarie, and StoneX, providing diversified offtake channels and multi-destination market access across Europe, Asia, and the United States.
Strengthening Capital and Market Confidence
Chief Operating Officer Nzubechukwu Anisiobi said the commercial paper programme reflects the company’s disciplined capital strategy and robust credit fundamentals.
“The establishment of our N200 billion CP programme reflects our disciplined capital strategy and solid credit profile. In a working capital-intensive export business, access to structured short-term funding strengthens liquidity, supports efficient contract execution, and preserves balance sheet stability,” he said.
Anisiobi added that the programme also underscores the confidence capital markets have in Sunbeth’s governance standards, earnings resilience, and risk management discipline.
The company has received ratings of A2 (short-term) by DataPro and GCR, A (short-term) by DataPro, and BBB+ (long-term) by GCR, reflecting its strong market position, revenue trajectory, and experienced management team.
Integrated Operating Model and Risk Management
Sunbeth operates an integrated model encompassing sourcing, warehousing, logistics, structured hedging, and export execution. Diversified offtake agreements and price-risk management frameworks are designed to mitigate earnings volatility and protect against downside risks.
With global cocoa demand strengthening and Nigeria’s export profile expanding, the CP programme positions Sunbeth to consolidate its leadership within the agricultural commodities sector, enhancing both operational efficiency and market competitiveness.