Polysmart Packaging Group has recorded a major funding milestone, raising N13 billion through a Non-Interest Commercial Paper (NICP) issuance that was oversubscribed by 30 percent, underscoring strong investor confidence despite cautious market conditions.
The issuance, executed by Polysmart SPV Limited under its N20 billion NICP programme, exceeded its initial N10 billion offer size, highlighting robust investor appetite despite cautious market conditions.
The offer, which opened on February 18 and closed on February 25, 2026, attracted a mix of institutional and high-net-worth investors. It was structured into two tenors: a 270-day paper priced at a 23.25 percent profit rate and a 363-day paper at 24.10 percent.
According to the statement by the company, the strong subscription level signals market confidence in Polysmart’s financial position and growth strategy.
“This achievement represents a strong vote of confidence from the Nigerian investment community,” the company said, adding that the oversubscription validates its credit strength, robust business fundamentals, and pivotal role in the future of Nigerian manufacturing.
The transaction was arranged by Marble Advisory as Lead Arranger, with Marble Capital serving as Shariah Adviser.
The successful fundraising comes on the heels of the company’s $60 million expansion, which it says has positioned it as the operator of the largest and most advanced recycling plant in West Africa.
According to the company, proceeds from the issuance will be deployed to support working capital, enhance production capacity, and strengthen supply chain operations.
“The funds provide significant short-term working capital buffers, ensuring the massive production scale of the new plant is matched by seamless supply chain logistics,” Polysmart said.
The company noted that the capital will also support the production of high-value recycled materials, including food-grade rPET and other recyclable plastics such as HDPE and polypropylene.
Polysmart said its operations are reducing the Nigerian manufacturing sector’s dependence on expensive virgin plastic imports, thereby saving the nation critical foreign exchange.
Beyond its financial performance, the company projects that its expansion will generate employment across its value chain, including engineering roles and waste collection networks.
Describing its model as a “blueprint for circular economy,” the firm said it is converting post-consumer waste into valuable industrial raw materials, addressing both environmental and economic challenges.
This latest raise follows the successful full repayment and closure of Series 1 & 2 from previous issuances, with Series 3 & 4 scheduled for repayment later this year.
Investor confidence was further bolstered by the company’s repayment history. Polysmart confirmed it has completely repaid its Series 1 and 2 from previous issuances, with Series 3 and 4 due for repayment later this year.
“This consistent performance has cemented Polysmart’s reputation as a credible and resilient player in the Nigerian market,” the company said.
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