By Peace Udugba
FMDQ Securities Exchange Limited (FMDQ Exchange) has approved the quotation of First Upland Ventures Limited’s ₦2.09 billion Commercial Paper (CP), marking another step towards expanding financing opportunities for Nigeria’s agricultural sector through the domestic capital market.
The quotation comprises ₦630 million Series 1 and ₦1.46 billion Series 2 Commercial Papers, issued under the company’s ₦30 billion Commercial Paper Issuance Programme. The approval was granted by the Exchange’s Board Listings and Markets Committee.
According to FMDQ Exchange, the quotation reflects its commitment to providing efficient and accessible capital market solutions that support businesses operating across Nigeria’s agricultural value chain.
First Upland Ventures Limited, a Nigerian agribusiness company, specialises in the sourcing, processing and export of agricultural commodities as well as 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 finance the company’s working capital requirements, strengthen its trade finance operations and enhance its capacity to meet growing demand in its commodity trading and export business.
Speaking on the development, the Group Chief Operating Officer of FMDQ Group PLC, Tumi Sekoni, said the quotation reinforces the important role of Nigeria’s capital market in supporting agriculture, which remains a critical pillar of the country’s economy.
She noted that by providing agribusinesses with access to short-term funding through the capital market, FMDQ Exchange is helping to strengthen food security value chains while encouraging greater investor participation in a sector vital to national development.
Also commenting, the Managing Director of First Upland Ventures Limited, Olusegun Osinuga, described the successful debut Commercial Paper issuance as a significant milestone in the company’s growth journey.
According to him, the strong investor participation reflects confidence in the company’s operational performance, execution capability and long-term vision for transforming Nigeria’s agricultural sector.
He said the funds raised would enhance the company’s financial flexibility to expand value-added processing of cocoa, sesame seeds and cashew nuts, while strengthening its position as a leading exporter of agricultural products and an emerging food processing company serving both local and international markets.
Similarly, the Managing Director, Investment Banking at United Capital PLC, Dr Gbadebo Adenrele, said the successful transaction demonstrated investors’ confidence in First Upland Ventures’ track record and strategic role within Nigeria’s agricultural value chain.
He added that the issuance highlights the depth of the domestic debt capital market as a reliable source of corporate funding and reaffirmed United Capital’s commitment to helping businesses raise capital efficiently while supporting economic growth.
FMDQ Exchange stated that, as a financial market infrastructure institution focused on real-sector development, it will continue to facilitate access to funding for companies operating in agriculture and other productive sectors of the economy.
The Exchange noted that such initiatives are expected to support capital formation, improve productive capacity, strengthen food security, enhance rural livelihoods and promote inclusive economic growth across Nigeria.
