Stanbic IBTC Capital leads Presco PLC’s ₦82.9bn bond issuance

By Henry Uche

Presco PLC (“Presco” or the “Company”) has achieved a significant milestone with the successful issuance of its ₦82,896,000,000, 7-year, 23.75% senior unsecured fixed-rate Series I Bonds under its ₦150 billion bond issuance programme (the “Transaction”) with the Securities and Exchange Commission (“SEC”). Stanbic IBTC Capital Limited (“Stanbic IBTC Capital”) acted as the Lead Issuing House on the programme.

The proceeds from the Transaction will enable the Company to fund its acquisition of a 100% equity stake in Ghana Oil Palm Development Company (GOPDC), further supporting its strategic expansion objectives to drive West African market growth.

Speaking on the transaction registration, Mr. Reji George, Managing Director/CEO of Presco PLC, commented: “The successful completion of our Series 1 Bond issuance solidifies Presco’s foundation for continued growth and expansion.

“Aligned with our strategic objectives of increasing our planted area of palm oil and leading Africa in the fully integrated edible oil and fats business in the nearest future, the proceeds from this issuance will be primarily directed towards the acquisition of a majority equity stake in the Ghana Oil Palm Development Company (GOPDC).”

Mr. George affirmed that this would not only enhance the company’s operational efficiencies but also solidify its market presence and competitive advantage in the palm oil sector beyond Nigeria. He added that this would enable them to better serve their valued customers and deliver sustainable value to their shareholders. “We extend our sincere gratitude to Stanbic IBTC Capital and all our advisors for their support throughout this process.”

Also speaking on the transaction registration, Oladele Sotubo, Chief Executive of Stanbic IBTC Capital, said: “Stanbic IBTC Capital is proud to have advised Presco PLC on the successful issuance of its ₦82.9 billion Series 1 bond. As the largest local currency corporate bond issuance in the Nigerian market in recent years, this milestone underscores our deep expertise in capital markets and our commitment to delivering innovative, high-impact financial solutions.

“Beyond reinforcing Presco’s strategic growth, this transaction enhances funding diversification within the agricultural sector, driving sustainable industry expansion. We appreciate Presco PLC’s trust in Stanbic IBTC Capital and the consortium of advisors who contributed to the successful execution of this landmark deal,” Sotubo stressed.