Jimcol Resources raises N2bn from Series 2 Commercial Paper issuance

Jimcol Resources Nigeria Limited (Jimcol) has raised N2billion from series 2 of its Commercial Paper (CP) issuance.

The CP issuance under its N5 billion Commercial Paper programme opened on Monday October 27. It closes on Friday October 31, 2025.

The company will use the proceeds from the Commercial Paper issuance to finance working capital requirements.

The 364 days tenor CP was issued at an implied yield of 26 percent and 20.65 percent discount rate. A rating agency – DataPro Limited gave the issuer long-term rating of A and short-term rating of A2.

Jimcol is a leading oil and gas services provider specialising in asset integrity and maintenance (NDT, rope access), drilling support (mudlogging), and training/consultancy.

The Company, incorporated in 1990, has shown consistent revenue and profit growth, driven by the essential nature of its services, which ensures steady demand even in volatile market conditions.

Jimcol has executed over 30 major contracts for top clients including ExxonMobil, Shell, TotalEnergies, Seplat Energy, NLNG, and Chevron.

It recently expanded into subsea services with the acquisition of the TWL Surveyor, a state-of-the-art Diving Support Vessel (DSV) equipped for diving, ROV, and survey operations — one of the few of its kind in Nigeria.

The Company holds multiple global certifications from Bureau Veritas, Lloyd’s Register, DNV, and ABS, and is fully licensed by Nigerian regulators. In 2020, Jimcol was selected by NCDMB as one of two firms to deliver ASNT Level III Training and Certification for Nigerians, underscoring its technical leadership in asset integrity services.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.