Sycamore’s N3bn commercial paper offer closes at N6.89bn

Sycamore Integrated Solutions Limited has closed its Series 1 Commercial Paper issuance at N6.89 billion against a N3 billion target, drawing subscriptions at 2.3x the offer size.  The result places Nigerian fintech among a small group of technology-driven firms that have successfully tapped the debt capital market to fund growth outside of venture and equity […]

Sycamore Integrated Solutions Limited has closed its Series 1 Commercial Paper issuance at N6.89 billion against a N3 billion target, drawing subscriptions at 2.3x the offer size. 

The result places Nigerian fintech among a small group of technology-driven firms that have successfully tapped the debt capital market to fund growth outside of venture and equity financing.

The issuance forms part of a N20 billion Commercial Paper Programme arranged by BAS Capital Limited, and ran from March 9 to March 20, 2026. 

The company in a statement, said proceeds will be deployed to expand Sycamore’s lending book, providing more accessible credit to small and medium-sized businesses across Nigeria.

Sycamore has been building toward that position since 2019. 

In the 2025 financial year, the Group processed over N100 billion in transactions for approximately 400,000 customers across salary loans, business financing, investments, asset portfolios, and multi-currency wallets — the kind of operational depth that gives institutional investors a clear picture of the business before they commit capital.

Commenting on the outcome, Babatunde Akin-Moses, Founder and CEO of Sycamore, said the result reflects both the market’s direction and what investors found upon a closer examination of Sycamore.

“Investors in this environment are being careful about where they put capital. They want predictable returns. They also want to know that the entity behind the instrument has the governance structures to back that up. We went through a rigorous SEC licensing process that examined our risk frameworks and client protection mechanisms. The subscription levels tell us that when investors did their due diligence on Sycamore, what they found gave them confidence,” he said.

Yinka Adetuberu, Managing Director of BAS Capital Limited, said the result reflects sustained demand for quality issuances in the market.

 

 

 

“We are seeing consistent demand in the commercial paper market, driven by current interest rate levels and investor preference for short-duration, yield-accretive instruments. This transaction is consistent with that broader trend, and the level of subscription it attracted speaks to the quality of the issuer,” he said.