Hillcrest Agro-Allied Industries Limited (Hillcrest) is in the market to raise N10 billion from its Series 1 and 2 Commercial Paper Issuance. The offer, which is currently open, is scheduled to close on Friday, April 17, 2026. This fundraising effort is part of its N30 billion Commercial Paper programme.

The company, headquartered in Offa, Kwara State, is a significant player in Nigeria’s agro-processing sector, with a primary focus on large-scale rice milling. Hillcrest has invested in automation and efficiency, improving its production capacity from 10 metric tons per hour to 26 metric tons per hour. This has increased daily output from 2,000 to 5,200 (50kg) bags, reaching an annual capacity of approximately 187,200 metric tons.

Despite a planned three-month phased shutdown in 2025 for automation and maintenance, which led to a moderation in revenue to N12.23 billion from N19.57 billion in 2023, the company anticipates enhanced long-term productivity and margins. Hillcrest aims to expand its footprint across Nigeria and West Africa, with a roadmap targeting 300,000 metric tons per annum by 2028.

In a separate development, Champion Breweries PLC has successfully completed the redemption of its Series 1 and 2 Commercial Paper issuances, totaling N15.00 billion. The Series 1 issuance of N4.22 billion was redeemed in December 2025, followed by the redemption of the Series 2 issuance of N10.78 billion on Wednesday, April 01, 2026. This marks the full repayment of its inaugural issuance, which was oversubscribed and initially issued in July 2025.

The successful redemption underscores Champion Breweries' strong liquidity position and its commitment to meeting investor obligations. The Series 1 and 2 issuances saw diverse participation from institutional investors, reflecting confidence in the company's financial standing, strategy, and growth prospects. Chairman of Champion Breweries PLC, Mr. Imo-Abasi Jacob, stated that the redemption reflects the company’s disciplined financial management and long-term strategy, reinforcing its reputation as a reliable issuer in the debt capital markets.