Sunbeth Global Concepts, a Nigerian agricultural commodity trading company, announced on Monday that it had raised 165.73 billion nairas (about $118.5 million) through the issuance of commercial paper to finance the expansion of its cocoa trading business.
According to Ecofin Agency, the commercial paper offering was open from February 27 to March 6 and originally targeted 100 billion nairas. Strong demand from investors pushed the final amount raised 65% above the initial target.
“The strong investor response to our Series 1, 2 and 3 Commercial Paper issuances is a clear vote of confidence in Sunbeth’s business model and long-term strategy,” said Nzubechukwu Anisiobi, the company’s chief operating officer.
The short-term debt instruments have maturities of less than one year, specifically 179, 270 and 364 days. They were issued at discount rates ranging between 19% and 19.3%, offering yields of between 21% and 23.5%.
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Sunbeth said the funds will be used to expand its cocoa exports to international markets. The financing also supports the company’s broader plan to grow its role across the cocoa value chain, including processing and other higher-value segments that can provide more stable profit margins.
The company trades agricultural commodities including cocoa and cashew nuts. It works with more than 30,000 farmers across several West and Central African countries, including Ghana and Cameroon.
Sunbeth Global Concepts also emphasizes sustainability and responsible sourcing. The company holds certification from the Rainforest Alliance, indicating that its operations meet environmental and social standards.
Founded in 2017, the company has exported 200,000 metric tons of cocoa to international markets since it began operations.
Sunbeth employs more than 200 people and operates offices in Nigeria, South Africa, Cameroon, Dubai, United Kingdom and Netherlands.
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Image Credit: Olatunde International Limited
