FMDQ Securities Exchange Limited (“FMDQ Exchange” or the “Exchange”) has approved the quotation of First Upland Ventures Limited’s ₦0.63 billion Series 1 and ₦1.46 billion Series 2 Commercial Papers (“CPs”) under its ₦30.00 billion CP Issuance Programme. This approval by the Exchange’s Board Listings and Markets Committee underscores FMDQ Exchange’s commitment to supporting the financing needs of Nigeria’s agricultural value chain through efficient and accessible capital market solutions.
First Upland Ventures Limited (“First Upland” or the “Issuer”) is a Nigerian agribusiness company engaged in the sourcing, processing, and export of agricultural commodities and manufactured goods, with an increased focus on food processing. Proceeds from this CP issuance, sponsored by United Capital PLC, a Registration Member (Quotation) of FMDQ Exchange, will be utilised to support the Issuer’s working capital requirements, strengthen its trade finance operations, and enhance its capacity to meet growing demand within its commodity trading and export business.
Commenting on the CP quotation, Ms. Tumi Sekoni, Group Chief Operating Officer, FMDQ Group PLC, said: “The quotation of First Upland Ventures Limited’s CPs reaffirms the important role that Nigeria’s capital markets play in supporting the agricultural sector, a cornerstone of the nation’s economy. By providing agribusinesses with a credible platform to raise short-term capital, FMDQ Exchange is helping to strengthen food security value chains and deepen investor participation in a sector vital to national development.”
Commenting on the quotation, Mr. Olusegun Osinuga, the Managing Director, First Upland Ventures Limited, said: “The successful completion of our debut CP issuance marks a significant milestone in our growth journey. The strong depth of investor participation demonstrates profound confidence in our operational excellence, disciplined execution, and long-term vision for transforming Nigeria’s agricultural sector. This strategic capital raise enhances our financial flexibility to accelerate value-added processing of cocoa, sesame seeds, and cashew nuts, while reinforcing our position as a leading agricultural products exporter and emerging food processing company across local and international market.”
In the same vein, Dr. Gbadebo Adenrele, Managing Director, Investment Banking – United Capital PLC, said: “We are pleased to have acted as Sole Arranger to First Upland Ventures Limited’s debut CP issuance. The strong investor response reflects confidence in the Company’s operating track record and its strategic role in Nigeria’s agricultural value chain. This transaction reaffirms the depth of the domestic debt capital market as a reliable funding channel. At United Capital, we remain committed to providing our clients with the opportunities they need to raise capital efficiently, while contributing to economic development and long-term value creation for the businesses and communities we serve.”
As a market infrastructure institution with a strong focus on real-sector development, FMDQ Exchange continues to prioritise initiatives that connect capital to productive segments of the Nigerian economy, particularly the agriculture and agro-allied sectors. By facilitating access to short-term funding for companies operating within these value chains, the Exchange supports capital formation, strengthens productive capacity, and contributes to broader outcomes, including enhanced food security, improved rural livelihoods and inclusive economic growth.
FMDQ Group PLC (“FMDQ Group” or the “Group”) is Africa’s first vertically integrated FMI group, strategically positioned to provide end-to-end services across the financial markets value chain. The Group offers registration, listing, quotation, and noting services; integrated trading platforms; clearing & central counterparty, and settlement services for financial markets transactions; securities depository services; and market data & information services, across the debt capital, foreign exchange, derivatives, and equity markets, through its wholly owned subsidiaries – FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited and FMDQ Private Markets Limited. As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange – FMDQ Green Exchange – positioned to lead the transition towards a sustainable future.