• Funds to expand cocoa trading and global export operations

• Company supports 30,000 farmers across West and Central Africa

Nigerian agricultural commodity trader Sunbeth Global Concepts said on Monday it had raised 165.73 billion nairas (approximately $118.5 million) through the issuance of commercial paper to fund the expansion of its cocoa trading operations.

The offering was open from Feb. 27 to March 6 and initially targeted 100 billion nairas. Strong investor demand led the company to exceed that amount by 65%.

"The strong investor response to our Series 1, 2 and 3 Commercial Paper issuances is a clear vote of confidence in Sunbeth’s business model and long-term strategy," Chief Operating Officer Nzubechukwu Anisiobi said in a statement.

The debt securities, with maturities of less than one year (179, 270 and 364 days), were issued at discount rates ranging from 19% to 19.3%, with yields between 21% and 23.5%.

The proceeds are expected to help Sunbeth Global Concepts expand its exports to global markets. The capital raise also comes as the company seeks to expand its presence across the cocoa value chain, including processing and other higher-value-added segments that can offer more stable margins.

Sunbeth Global Concepts specializes in the trading of cocoa and cashew nuts. The company supports more than 30,000 farmers across several West and Central African countries, including Ghana and Cameroon. With a focus on sustainability and ethical sourcing, it holds Rainforest Alliance certification, indicating that its operations meet environmental and social standards.

Founded in 2017, Sunbeth Global Concepts has exported 200,000 metric tons of cocoa to international markets since its inception. The company employs more than 200 people and has offices in Nigeria, South Africa, Cameroon, Dubai, the United Kingdom and the Netherlands.

Walid Kéfi