Secures investment-grade rating

By Sycamore Integrated Solutions Limited has entered Nigeria’s capital market with the launch of a N20 billion Commercial Paper Programme, opening its first series to investors after securing an investment grade credit rating.

The Series 1 issuance is structured in two tranches, a 180 day instrument offering a yield of 24 per cent and a 270 day instrument offering 25 per cent.

Credit rating agency DataPro Limited assigned the programme a BBB+ long term rating and an A2 short term rating, reflecting its assessment of the company’s capacity to meet its financial obligations. The rating places Sycamore among a small number of Nigerian fintech companies to secure credit ratings for capital market instruments.

The company’s entry into the market comes at a time when short term debt issuance is expanding rapidly in Nigeria. According to the WealthBridge Market Intelligence Credit Market Report, commercial paper volumes rose to N143.19 billion in February 2026 from N53.96 billion in January, representing a 165 per cent increase.

Sycamore’s programme introduces a different category of issuer into that market. The company holds an investment platform licence from the Securities and Exchange Commission (SEC), allowing it to offer commercial papers, fixed yield products, dollar denominated investments and equities to retail investors through its mobile application.

The licence also enables individual investors to access the instrument directly on the Sycamore app with a minimum investment of N100,000 rather than through institutional channels alone.

BAS Capital Limited is acting as lead arranger and issuing house for the programme, while AIICO Capital, Norrenberger Advisory Partners and Pathway Advisors are serving as joint placing agents. FSDH Merchant Bank is the collecting and paying agent.

Managing Director of BAS Capital, Yinka Adetuberu, said the offer had already attracted significant investor interest.

Adetuberu said, “The opening of the Sycamore Commercial Paper offer demonstrates the continued depth and resilience of Nigeria’s debt capital markets. Since launch, we have seen encouraging interest from investors seeking quality short term instruments with competitive yields.”

Managing Director of Sycamore Integrated Solutions, Gbenga Magbagbeola, described the issuance as a key milestone in the company’s funding strategy.

“This Commercial Paper issuance marks an important step in strengthening Sycamore’s funding framework. Accessing the capital markets allows us to diversify our funding sources while positioning the company to scale our lending operations more efficiently,” Magbagbeola said.

The company’s audited financial records show significant growth in recent years. Interest income rose from N115 million in 2020 to N6 billion in 2025, while profit after tax increased from N1.3 million to more than N1 billion during the same period.

Sycamore said it currently serves more than 400,000 users and manages over N20 billion in assets.