Lagos: Sycamore Integrated Solutions Ltd. has successfully closed its Series 1 Commercial Paper issuance at N6.89 billion, significantly surpassing its initial target of N3 billion by 230 percent. The announcement was made by the company’s Chief Executive Officer, Mr. Babatunde Akin-Moses, during the programme signing ceremony held on Tuesday in Lagos.
According to News Agency of Nigeria, Akin-Moses emphasized that Sycamore’s entry into the capital market signals a notable shift among technology-driven financial firms towards alternative funding sources. The trend is moving beyond traditional venture capital and equity financing, venturing into structured debt instruments. This issuance is part of a broader N20 billion Commercial Paper Programme arranged by BAS Capital Ltd., with the offer having opened on March 9 and closed on March 20.
Akin-Moses explained that the proceeds from this issuance will be utilized to expand Sycamore’s lending portfolio, with a particular focus on enhancing credit access for small and medium-sized enterprises across Nigeria. He highlighted the growing investor appetite for commercial paper, especially in light of tighter global venture funding and concerns over equity dilution. The strong subscription, Akin-Moses noted, reflects investor confidence in Sycamore’s governance and operational framework, as well as a preference for predictable returns and firms with robust risk management systems.
The News Agency of Nigeria reports that Sycamore, founded in 2019, has steadily fortified its operational capacity within the financial services sector, meeting regulatory requirements, corporate governance standards, and maintaining high levels of financial disclosure. In 2025 alone, the company processed over N100 billion for approximately 400,000 customers across various services, including loans, investments, asset management, and multi-currency wallet services.
Additionally, Mr. Yinka Adetuberu, the Managing Director of BAS Capital, attributed the success of the issuance to sustained market demand. He noted that prevailing interest rates and investor preference for short-term, yield-enhancing instruments have continued to drive participation in commercial paper offerings. The Chief Operating Officer of Sycamore Group, Onyinye Okonji, expressed gratitude to stakeholders for their support in the successful maiden issuance.