‘First Upland’s N2.09bn CP To Accelerate Cocoa, Sesame, Cashew Processing, Exports’

First Upland Ventures Limited has said the proceeds from its newly listed N2.09 billion Commercial Papers (CPs) on FMDQ Securities Exchange Limited will be used to accelerate value-added processing of cocoa, sesame seeds and cashew nuts, and strengthen its position in Nigeria’s agricultural export market.

The Exchange’s Board Listings and Markets Committee approved the quotation of N0.63 billion Series 1 and N1.46 billion Series 2 CPs under First Upland’s N30.00 billion CP Issuance Programme.

First Upland Ventures 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.

Speaking on the quotation, the managing director, First Upland Ventures,  Olusegun Osinuga said the successful completion of the debut CP issuance marks a milestone.

“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,” Osinuga said.

He added that “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 markets.”

Proceeds from the CP 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.

The group chief operating officer, FMDQ  said the quotation reaffirms the important role Nigeria’s capital markets play in supporting agriculture, 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,” Sekoni said.

The managing director, Investment Banking, United Capital, Dr. Gbadebo Adenrele added that the strong investor response reflects confidence in the company’s operating track record and strategic role.

“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,” Adenrele said.

As a market infrastructure institution, FMDQ Exchange said it continues to prioritise initiatives that connect capital to productive segments of the Nigerian economy, particularly agriculture and agro-allied sectors.

By facilitating access to short-term funding for companies within these value chains, the Exchange said it supports capital formation, strengthens productive capacity, and contributes to enhanced food security, improved rural livelihoods and inclusive economic growth.