Cardinal Torch Lists N9.4bn Commercial Papers on Stock Exchange

By Aduragbemi Omiyale

Lagos-based agro-business commodity trading firm, Cardinal Torch Company Limited, has listed N9.4 billion in commercial papers on the Nigerian Exchange (NGX) Limited.

The corporate debt instrument was listed on the local stock exchange on Tuesday, November 3, 2026, a circular signed by the Head of the Issuer Regulation Department of the NGX Regulation, Mr Godstime Iwenekhai, stated.

The commercial papers were issued by the organisation in three series and tenors of 180 days, 270 days, and 364 days.

The notes were sold by the company on July 17, 2026, under its N30.0 billion commercial paper issuance programme.

During the exercise, the Series 1 maturing on January 13, 2027, was offered at a discounted rate of 19.03 per cent, with N1.759 billion issued to investors.

Business Post reports that N1.263 billion worth of Series 2 was sold at 19.47 per cent, while N6.393 billion was issued in Series 3 at 19.69 per cent.

The lead issuing and placing agent for the exercise was FSDH Capital Limited, while the paying agent is FSDH Merchant Bank Limited.

Cardinal Torch, established in 2020, leverage ethical local collaborations to meet the increasing demand for Africa-sourced agricultural commodities in the global market.

Its objective is to transform the commodity and agricultural trading sector in Nigeria and Africa through large-scale commodity trading and processing of semi- and finished agricultural commodities to enhance efficiency, productivity, and sustainability across export and local consumption.

Its offerings span the entire value chain from plantation to production, processing, exports and distribution. The primary products of the firm are cocoa and cashews (semi-processed and table-ready brands), with growing capacity across West Africa.