Last chance: CIG Motors opens N30bn commercial paper to institutional and retail investors as mobility bet on Nigeria intensifies

CIG Motors Company Limited has launched a N30 Billion Series 2 Commercial Paper Issuance under its N100 Billion Commercial Paper Programme, opening the transaction to both institutional and retail investors as the company accelerates its push to become Nigeria’s dominant integrated mobility platform. The offer closes Monday, 25 May 2026. Qualified investors have one day left to participate.

The issuance is structured across two tranches. Tranche A carries a tenor of 272 days with a discount rate of 18.53% and an implied yield of 21.50%. Tranche B runs for 364 days at a discount rate of 19.53% and an implied yield of 24.25%. The minimum subscription is N5,000,000, with subsequent investments in multiples of N1,000. Funding date is Tuesday, 26 May 2026.

United Capital Plc is acting as Primary Issuing House. Cordos Capital Plc and Rand Merchant Bank are serving as Joint Issuing and Placing Agents, with Wema Bank, Access Bank and Providus Bank designated as receiving banks. The paper carries an A1 short-term and A long-term rating from DataPro, and an A2 short-term and Bbb long-term rating from Agusto & Co.

Proceeds from the issuance will be directed towards inventory financing, working capital optimisation, operational expansion and broader mobility infrastructure development across Nigeria.

The investor roadshows preceding the close generated significant market excitement, with United Capital Plc, Rand Merchant Bank and Cordos Capital Plc all reporting strong appetite from both institutional and retail participants. The momentum from those sessions has reinforced confidence that the issuance will close on solid ground.

The Series 2 launch follows the full redemption of CIG Motors’ ₦10.2 Billion Series 1 Commercial Paper, a milestone the company is presenting as proof of its credit discipline and its capacity to manage institutional capital responsibly. It is a distinction that matters in a market where corporate paper issuances are increasingly scrutinised for execution track record, not just headline figures.

The company’s most recent financial disclosures show ₦177.4 billion in revenue, ₦35.3 billion in EBITDA and ₦17.3 billion in Profit After Tax, numbers that form the backbone of the investor presentation accompanying this transaction and that the company’s leadership has cited as evidence of a strategy paying off at scale.

CIG Motors is Nigeria’s exclusive distributor for GAC Motor, Wuling and JMC vehicles. Beyond distribution, the company operates across vehicle assembly, dealership networks, after-sales infrastructure, fleet solutions and electric mobility, a spread that has allowed it to frame itself not as an importer of cars but as an infrastructure play on Nigerian mobility. Government fleet partnerships and large-scale transportation contracts have deepened that positioning further.

Chairman Chief Diana Chen described the issuance as a statement of confidence, both in Nigeria’s economic direction and in what CIG Motors is building within it. Group CFO Dr. Ram Murugesan pointed to the company’s financial performance as direct evidence of the platform-building strategy, citing disciplined leverage management and expanding operational scale as markers of a business that is growing with intent rather than by accident.

Dr. Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Plc and Lead Arranger to the issuance, noted that the successful Series 1 redemption had reinforced CIG Motors’ credit standing within the Nigerian capital market and that United Capital was backing the Series 2 on the strength of that demonstrated execution capability.

The window closes Monday. Investors looking for short-term fixed income exposure with yields reaching 24.25% have until end of day to act. Full details are available at cigmotors.org/commercial-paper or via [email protected] and +234 906 114 2558.