We Put Out a ₦3 Billion Commercial Paper. Investors Closed it out at ₦6.89 Billion

Investors are becoming more intentional about where they put their money, and it is beginning to show across Nigeria’s investment market.

That was evident in Sycamore’s Series 1 Commercial Paper Issuance, which closed at ₦6.89 billion against an initial target of ₦3 billion, making the offer 230% oversubscribed.

The issuance ran from March 9 to March 20, 2026, as part of Sycamore’s ₦20 billion Commercial Paper Programme arranged by BAS Capital Limited. The proceeds will be used to expand our loan book and provide more accessible credit to businesses across Nigeria.

A market shifting toward fixed income

The strong response from investors comes at a time when many people are leaning more towards fixed income and short-term investment options. With interest rates still high and investors being more careful with risk, instruments that offer predictable returns are seeing increased demand.

This shift is also reflected in the market. Commercial paper issuance volumes reportedly grew from approximately ₦53.96 billion in January 2026 to ₦143.19 billion in February 2026, showing rising interest in short-duration debt instruments.

For Sycamore, this points to something important: trust

Over the years, we have continued to grow across lending, investments, and financial services. In the 2025 financial year alone, we processed over ₦100 billion in transactions for approximately 400,000 customers across salary loans, business financing, investments, asset portfolios, and multi-currency wallets.

Commenting on the oversubscription, Babatunde Akin-Moses, Co-Founder and CEO of Sycamore, said the result reflects both the current market direction and investor confidence in 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. Sycamore underwent 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 our firm, what they found gave them confidence.”

What this means for the debt capital market

The transaction also reflects the growing role of debt capital markets for fintechs looking to fund growth outside traditional equity financing.

Yinka Adetuberu, Managing Director of BAS Capital Limited, also spoke on the strong demand seen 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.”

Looking ahead

For us at Sycamore, this milestone is another step forward in our journey to build trusted financial products and create more access to credit for businesses across Nigeria.

To every investor who participated in the issuance, thank you for being part of this milestone. We’re excited about what this means for the future of accessible financing in Nigeria.