Nosak Distilleries Limited, a player in Nigeria’s ethanol processing and distribution sector, has redeemed its N6 billion Series 4 Commercial Paper (CP) issuance, bringing the total redemption since October 2022 to N26 billion.
According to a statement, the latest redemption marks the fifth under the company’s N20 billion CP programme, which was launched on the FMDQ platform. The company has strategically issued four CPs in tranches between N5 billion and N10 billion, utilising the proceeds to finance its working capital.
Thomas Oloriegbe, the group managing director of Nosak Group, highlighted the company’s commitment to financial discipline and resilience.