Cardinalstone’s Debut Commercial Paper Issuance records 148% subscription

Cardinalstone Partners Limited, one of Nigeria’s leading multi-asset investment management firms, successfully completed its debut Commercial Paper issuance with a subscription of 148%. This impressive subscription level demonstrates investors’ confidence in the company and the ability of its management team to deliver value.

The company had set out to raise N5 billion in the first tranche under its N10 billion Commercial Paper Programme recently registered with FMDQ Securities Exchange Limited. However, subscriptions totaling N7.1 billion were received from individual and institutional Investors including asset managers, pension fund administrators amongst others.

The Series I 270-day Commercial Paper was issued at an effective yield of 7.0%.

The company’s Group Managing Director/ceo, Mr Michael Nzewi, was pleased with the overall outcome of the Commercial Paper Issuance. He indicated that the funds from the Commercial Paper Issuance would enable the company to diversify its financing mix and fund its working capital requirements.

“This issuance is expected to consolidate CardinalStone’s position as a credible borrower in the Nigerian capital market while at the same time setting a precedence for commercial paper issuance by a non-bank affiliated financial services business”, Mr Nzewi stated.

Fbnquest Merchant Bank Limited acted as Lead Arranger & Dealer while FCMB Capital Markets Limited and Cardinalstone Partners Limited were Joint Arrangers on the debut commercial paper transaction.

Cardinalstone was founded in 2008 with the vision to build a world-class investment banking firm of African origin. Over the years, the company has continued to offer an assortment of financial services to a diverse institutional and retail clientele base.

In addition to investment banking, Cardinalstone also offers securities trading, asset management, registrar services and consumer finance via its subsidiaries namely Cardinalstone Securities Limited, Cardinalstone Asset Management Limited, Cardinalstone Registrars Limited and CS Advance Finance Company respectively.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.