TGI Foods SPV launches N25bn commercial papers

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TGI SPV Plc, a special purpose vehicle created by Tropical General Investments Group, has launched N25 billion in Series 1 and Series 2 Commercial Papers under its three-year N100 billion commercial paper program.

The funds raised will support the working capital needs of TGI Foods’ co-promoters, West African Soy Industries Limited and WACOT Rice Limited, focusing on enhancing Nigeria’s food sector.

Farouk Gumel, Vice Chairman of TGI Group, emphasized the company’s dedication to Nigeria’s food self-sufficiency and highlighted the significant impact this investment will have on rural communities while offering attractive returns to investors.

Financial advisors and partners expressed confidence in the initiative, noting its potential to transform Nigeria’s agricultural landscape.

The funds from the issuance will be used to purchase 190,000 metric tons of rice paddy and 160,000 metric tons of soybeans from farmers during the 2024 wet harvest season, further bolstering the nation’s food security.

Punch

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