Wemy Industries, a Nigerian manufacturer of hygiene and personal care products, has raised N1.396 billion through its inaugural commercial paper issuance after investors subscribed about 40 percent more than the amount offered, signalling sustained appetite for highly rated corporate debt despite elevated domestic interest rates.
The fundraising, conducted under the company’s N5 billion commercial paper programme, is Wemy’s first entry into Nigeria’s debt capital market and comes as manufacturers tap short-term debt to finance working capital and expand production capacity rather than rely solely on bank lending.
The company said proceeds from the issuance would be used to fund working capital, improve inventory management, strengthen distribution, and support the expansion of its manufacturing operations.
The debt sale follows what Wemy described as a period of rapid growth. The company said revenue and gross profit recorded compound annual growth rates of about 58 percent and 52 percent, respectively, between 2019 and 2025, driven by stronger market penetration, operational improvements, and sustained demand across its product portfolio.
Founded in 1978, Wemy manufactures baby diapers, adult diapers, sanitary pads and wipes under its Dr Brown’s and Nightingale brands. The company recently installed an additional production line for adult diapers, which it described as its most profitable product category, to increase capacity and meet rising demand.
Before the issuance, Wemy received investment-grade ratings of A2 for its short-term obligations and BBB- for its long-term obligations from DataPro Rating Agency.
“The successful completion of our inaugural Commercial Paper issuance represents an important milestone for Wemy and reflects the confidence investors have in our business, brands, operating track record, and growth strategy,” said Paul Odunaiya, the company’s managing director.
“For over four decades, we have remained committed to providing quality and affordable hygiene products to Nigerian consumers. This transaction strengthens our financial flexibility and provides additional resources to support our continued growth while enabling us to meet increasing demand across our key product categories.
“We appreciate the trust and support of the investing community and remain committed to creating sustainable value for our customers, employees, shareholders, and other stakeholders.”
Ayomide Adebule, lead of advisory and investment at Emergence Capital Partners, the programme’s financial adviser, said the level of demand reflected investor confidence in issuers with strong operating performance and governance standards.
“The successful issuance and oversubscription of Wemy’s Commercial Paper underscores the Company’s strong fundamentals, attractive growth prospects, and established position within Nigeria’s consumer goods sector.
“The strong investor participation reflects growing confidence in quality corporate issuers with proven operating track records, sound governance standards, and clear growth strategies. We are pleased to have supported Wemy in achieving this important milestone and look forward to supporting the Company’s continued engagement with the Nigerian debt capital market.”
The issuance attracted institutional and qualified investors. Afrinvest Capital acted as lead issuing house and arranger, while Mulberry Capital and CFG Advisory served as joint issuing houses. Emergence Capital Partners acted as financial adviser.
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