Sycamore raises N6.89bn in oversubscribed paper offer
L-R: Daniel Anyaegbu, Chief Technical Officer, Sycamore Group; Babatunde Akin-Moses, CEO, Sycamore Group; Onyinye Okonji, COO, Sycamore Group; Gbenga Magbagbeola, Managing Director, Sycamore Investment and Asset Management Ltd; and Abdulateef Hussein, Group Chief Executive Officer, BAS Capital, at the signing of Sycamore’s oversubscribed commercial paper offering in Lagos on Tuesday
Lagos, May 2026 (TBL Africa) Sycamore Integrated Solutions Ltd. has closed its Series 1 Commercial Paper issuance at N6.89 billion, surpassing its N3 billion target by 230 per cent.
The Chief Executive Officer, Babatunde Akin-Moses, disclosed this during the programme signing ceremony on Tuesday in Lagos.
Akin-Moses said Sycamore’s capital market debut reflected a growing shift among technology-driven financial firms towards alternative funding sources.
He said the trend was moving beyond traditional venture capital and equity financing into structured debt instruments.
According to him, the issuance formed part of a N20 billion Commercial Paper Programme arranged by BAS Capital Ltd..
He said the offer opened from March 9 and closed on March 20.
“The proceeds will support expansion of Sycamore’s lending portfolio, particularly improving credit access for small and medium-sized enterprises across Nigeria.
“This underscores growing investor appetite for commercial paper amid tighter global venture funding and concerns over equity dilution,” he said.
Akin-Moses said the strong subscription reflected investor confidence in Sycamore’s governance and operational framework.
He said investors were increasingly prioritising predictable returns, credible institutions, and firms with strong risk management systems.
The Sycamore, founded in 2019, has steadily strengthened its operational capacity within the financial services industry.
The CEO said this included meeting regulatory requirements, corporate governance standards, and maintaining high levels of financial disclosure.
“In 2025, we processed over N100 billion for about 400,000 customers across loans, investments, asset management, and multi-currency wallet services,” he said.
Also speaking, the Managing Director of BAS Capital, Yinka Adetuberu, linked the success to sustained demand.
He said prevailing interest rates and investor preference for short-term yield-enhancing instruments continued driving participation in the market.
The Chief Operating Officer of Sycamore Group, Onyinye Okonji, thanked stakeholders for supporting the successful maiden issuance.
