Pathway Advisors offers N100bn Pivot Energy CP paper
July 24, 2026 12:04 am
Pathway Advisors Limited
By Jide Ajia
Pathway Advisors Limited announced on Thursday that it had opened subscriptions for Pivot Integrated Energy Services Limited’s Series 1 Commercial Paper issuance of up to N100bn.
The Series 1 issuance is being executed under Pivot Energy’s broader N300bn Commercial Paper Programme.
“The offer presents investors with an opportunity to participate in the growth of a leading indigenous downstream energy company,” the firm stated.
Commenting on the development, the Chief Executive Officer and Managing Director of Pivot Integrated Energy Services, Mr Babajide Babatope, said, “Nigeria’s downstream energy market demands scale, speed, and the right capital structure to compete effectively.
“This commercial paper programme gives us the financial firepower to support our growing volumes, reinforce our supply chain, and serve our customers with greater reliability across the regions we operate in.”
Similarly, the Founder and Chief Executive Officer of Pathway Advisors Limited, Mr Adekunle Alade, noted, “Companies like Pivot Integrated Energy Services Limited with a vertically integrated model, a strong track record, and a clear growth mandate are exactly the kind of issuers that the capital markets should be financing.”
“Commercial paper, when structured appropriately, gives operationally strong businesses access to a deep and diverse pool of institutional investors, at tenors and costs that support the working capital intensity of petroleum trading and distribution.”
To meet different investment horizons and return preferences, the offer has been divided into three tranches. Tranche A carries a 180-day tenor with a 17.50 per cent discount rate, delivering a yield of 19.15 per cent; Tranche B carries a 270-day tenor with a 19.50 per cent discount rate and a yield of 22.79 per cent; while Tranche C provides a 364-day tenor with a 19.69 per cent discount rate and a yield of 24.50 per cent.
“Proceeds from the issuance will be applied towards working capital finance, supporting Pivot’s ongoing operations in the importation, trading, storage, distribution, and supply of refined petroleum products across Nigeria and selected African markets,” Pathway Advisors, acting as the Lead Arranger and Issuing House, stated.
The issuance comes at a strategic time for Pivot, which serves as one of 20 approved off-takers under the Dangote Refinery PMS Consortium, carrying an allocated target volume of 300 million litres per quarter.
The company supplies Premium Motor Spirit, Automotive Gas Oil, and Aviation Turbine Kerosene to industrial users, logistics operators, distributors, and retail-linked channels across major hubs, including Lagos, Calabar, and Port Harcourt.
Ahead of the raise, credit rating agencies reaffirmed Pivot’s short-term financial strength, with Agusto & Co. assigning an A3 rating, Global Credit Rating assigning an A3 rating, and DataPro Limited assigning an A1 rating.
The offer is open to institutional and qualified individual investors with a minimum investment unit of N5,000,000, and is scheduled to close on 31 July 2026.
Jide, a seasoned journalist with over 12-year experience, reports business-related stories
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