Sycamore Raises N6.89bn via CP, Offer Oversubscribed by 230%

Kayode Tokede  

Sycamore Integrated Solutions Limited has closed its Series 1 Commercial Paper (CP) issuance at N6.89 billion against a N3 billion target, drawing subscriptions at 2.3x the offer size and signalling clear investor confidence in a fintech issuer within Nigeria’s debt capital markets.

The issuance forms part of a N20 billion Commercial Paper Programme arranged by BAS Capital Limited, which ran from March 9 to March 20, 2026. Proceeds will be deployed to expand Sycamore’s loan book, providing more accessible credit to growing businesses across Nigeria.

Commenting on the outcome, Co-Founder and CEO of Sycamore, Babatunde Akin-Moses said the result reflects both the market’s direction and what investors found upon a close examination of Sycamore.

“Investors in this environment are being careful about where they put capital. They want predictable returns. They also want to know that the entity behind the instrument has the governance structures to back that up. Sycamore underwent a rigorous SEC licensing process that examined our risk frameworks and client-protection mechanisms. The subscription levels tell us that when investors did their due diligence on our firm, what they found gave them confidence,” he said.

Managing Director of BAS Capital Limited, Yinka Adetuberu said the result reflects sustained demand for quality issuances in the market.

“We are seeing consistent demand in the commercial paper market, driven by current interest rate levels and investor preference for short-duration, yield-accretive instruments. This transaction is consistent with that broader trend, and the level of subscription it attracted speaks to the quality of the issuer,” he said.