Pathway Delivers N100.08bn Series 1 Oversubscribed Commercial Paper Issuance for Pivot Integrated Energy

By Adedapo Adesanya

Pathway Advisors Limited has announced the successful completion of Pivot Integrated Energy Services Limited’s maiden N100 billion Series 1 Commercial Paper (CP) issuance under its N300 billion Commercial Paper Programme.

The transaction, sponsored and advised by Pathway Advisors as Transaction Sponsor, Financial Adviser, Lead Issuing House and Lead Arranger, was oversubscribed, with total subscription reaching N100.08 billion, the company told Business Post.

The issuance marks Pivot’s first entry into Nigeria’s debt capital market and attracted strong participation from institutional and sophisticated investors, which the company said demonstrated confidence in Pivot’s business model, management team, growth strategy and credit fundamentals.

The strong investor participation represents a notable milestone for the first-time issuer and highlights the appetite of institutional investors for opportunities in Nigeria’s downstream energy sector.

Proceeds from the issuance will support Pivot’s operations in the trading, storage, distribution and supply of refined petroleum products across Nigeria and selected African markets, as the company seeks to accelerate its growth.

Commenting on the transaction, the chief executive of Pathway Advisors, Mr Adekunle Alade, said debut issuances were a test of market confidence, adding that Pivot has passed the test through the strong demand recorded for the offering.

“Debut issuances are always the ultimate test of market confidence. Pivot passed that test emphatically. The level of demand recorded for this maiden N100 billion Commercial Paper issuance is a powerful endorsement of the company’s fundamentals, its management team and the strength of the investment proposition presented to the market,” he said.

Mr Alade described the transaction as a landmark achievement for Pivot and a significant milestone for Nigeria’s commercial paper market.

He added that Pathway Advisors was proud to have played a central role in bringing Pivot into the debt capital market and expressed the firm’s readiness to support the company through subsequent phases of its N300 billion Commercial Paper Programme.

Also speaking, Managing Director of Pivot Integrated Energy Services, Mr Babajide Babatope, described the successful issuance as a defining moment in the company’s growth journey.

“Today marks a defining chapter in our growth story. To go to market for the first time and be oversubscribed is an extraordinary milestone — it validates everything we have built and gives us the firepower to scale even faster. We are proud, humbled, and firmly focused on what comes next,” he said.

Pathway Advisors said the successful completion of the transaction was supported by the participation of pension fund administrators, insurance companies, commercial and merchant banks, asset management companies, investment funds, corporate treasuries and other institutional and sophisticated investors.

The company said the strong response from investors not only enabled the successful close of the Series 1 issuance but also reinforced the depth and resilience of Nigeria’s institutional investment market.

The transaction also involved some financial institutions and professional advisers. The Joint Arrangers were Coronation Merchant Bank, Quantum Zenith Capital & Investments Limited, FCMB Capital Markets Limited, AIICO Capital Limited, FSDH Capital Limited, FSL Capital Limited, Greenwich Capital Markets Limited, United Capital Limited, Mainstreet Capital Limited, Rand Merchant Bank and First Ally Advisory Limited.

ProvidusUnity Bank and Fidelity Bank Plc acted as Collecting and Paying Agents, while Globus Bank Limited and Polaris Bank Limited were also involved in the transaction. Alliance Law Firm served as Solicitor.

Pathway Advisors Limited is an issuing house, investment banking, financial advisory and capital-raising firm registered and regulated by the Securities and Exchange Commission (SEC), Nigeria.

The firm provides transaction advisory, capital raising, project finance, mergers and acquisitions advisory, rating advisory and strategic financial solutions to corporate and institutional clients. It is also a registered member and Transaction Sponsor with FMDQ Securities Exchange Limited and NASD Plc.

The firm was named Best Issuing House and Financial Advisory Firm of the Year 2025 at the BusinessDay Banking and Other Financial Institutions (BAFI) Awards.

Pathway Advisors said it remains focused on facilitating access to capital and supporting sustainable economic growth across key sectors of the Nigerian economy.