TGI Foods SPV Floats N25bn Series 1 & 2 Commercial Papers

Kayode Tokede

TGI Foods SPV Plc, a special purpose vehicle established by the Tropical General Investments (TGI) Group, has announce the launch of its N25 billion Series 1 & Series 2 Commercial Papers Issuance under its three-year N100 billion Commercial Paper Issuance Programme.

In a statement, the company said the commercial paper programme will support the working capital requirements of TGI Foods’ co-promoters, West African Soy Industries Limited (WASIL) and WACOT Rice Limited, “both of which are integral parts of TGI Group’s expansive food manufacturing and processing footprints in Nigeria.”

Vice Chairman of TGI Group, Farouk Gumel noted that, “this issuance demonstrates TGI Foods’ continued determination to invest in Nigeria’s food sector and support our national ambition of self-sufficiency in staple food items.” 

He further reiterated the Group’s commitment to strategic alliances to further champion Nigeria’s food security cause.

“This Commercial Paper programme marks a significant milestone in our ongoing efforts to secure flexible financing that supports our operations and growth initiatives,” Gumel said.

Commenting on the issuance, financial advisors and dealers to TGI Group, expressed their confidence in the SPV and its promoters. “We are therefore happy to work with TGI on this, as we continue to be enthused by the huge potential this holds for all parties” said Lanre Buluro, Managing Director, Chapel Hill Denham Advisory Limited.

The Managing Director at Afrinvest Capital Limited also said, “By supporting TGI Group on this programme, investors are voting for sustainable national food security while deepening the capital market.”

Group Managing Director/CEO of Lighthouse Capital Limited,  Ugbede Nelson Attah, added ” The strategic vision and execution demonstrated by TGI Group through this issuance exemplify the type of forward-thinking leadership needed to transform Nigeria’s agricultural landscape.”

The Managing Director/CEO of PAC Capital Limited, Humphrey Oriakhi stated, “This initiative presents a unique opportunity for investors to align with a purpose-driven venture that promises both substantial financial returns and positive social impact.”