AIICO Capital Limited has announced the launch of Skymark Partners Limited’s Series 54, 55 and 56 Commercial Paper (CP) Issuances, with a combined target size of up to ₦6.5 billion, under the company’s ₦30 billion Commercial Paper Programme. The offer remains open to investors.
Skymark Partners Limited is a proprietary investment company with investments across financial services, real estate, technology, education, and agriculture. The firm deploys capital using proprietary analytical models and leverages long-standing institutional relationships to capture fast-growing opportunities in Nigeria’s real economy.
Earnings Momentum and Rapid Balance-Sheet Growth
Skymark Partners’ audited and management accounts point to a sharp acceleration in operating performance.
As at December 31, 2024, the company recorded gross earnings of ₦6.39 billion, rising further to ₦9.54 billion by Q3 2025, significantly higher than ₦2.94 billion recorded in full-year 2023.
Profitability has strengthened alongside revenue growth. Net profit rose to ₦1.39 billion in December 2024 and ₦2.79 billion in Q3 2025, up from ₦682.41 million in December 2023.
The balance sheet has expanded materially. Total assets increased from ₦31.31 billion in 2024 to ₦55.35 billion by Q3 2025, while net assets rose from ₦3.09 billion to ₦5.87 billion over the same period—highlighting both scale and retained earnings growth.
Proven Commercial Paper Track Record
Skymark Partners registered its Commercial Paper Programme with FMDQ Exchange in February 2022 at ₦5 billion, before upsizing it to ₦10 billion in September 2023 and subsequently to ₦30 billion in February 2025.
To date, the company has raised ₦74.05 billion across fifty-three CP series, with ₦50.74 billion already repaid, reinforcing its credibility in Nigeria’s short-term debt market and its disciplined approach to capital management.
The Issuer is rated A+ by DataPro, reflecting strong credit fundamentals and repayment capacity.
How Skymark’s CP Compares with Treasury Bills and OMO
Beyond issuer fundamentals, the attractiveness of the Series 54–56 Commercial Paper lies in its clear yield premium over sovereign money-market instruments.
In the current environment shaped by monetary tightening and cautious liquidity management by the Central Bank of Nigeria, Treasury Bill and OMO yields have moderated from 2024 peaks but remain below high-quality corporate CP yields.
Pricing Comparison: Commercial Paper vs Sovereign Money-Market Instruments
| Instrument | Tenor | Typical Market Yield (Jan 2026 range) | Skymark CP Implied Yield | Yield Pickup |
| Nigerian Treasury Bills | 91 days | 13.0% – 15.0% | 19.0% (Series 54) | +400–600 bps |
| OMO Bills | ~180 days | 16.0% – 18.0% | 21.0% (Series 55) | +300–500 bps |
| OMO Bills | ~270 days | 18.0% – 20.0% | 24.0% (Series 56) | +400–600 bps |
What the Yield Premium Signals
- Credit Spread Compensation: Treasury Bills and OMO instruments carry sovereign risk, while Skymark’s CP reflects A+ rated corporate credit. The spread compensates investors for incremental credit exposure.
- Short-Duration Protection: All three series are sub-one-year instruments, limiting duration risk in a still-uncertain interest-rate cycle.
- Real Return Consideration: With inflation still elevated, CP yields in the 19%–24% range offer stronger real-return potential than most short-dated sovereign paper.
- Portfolio Role: The issuance can serve as a yield-enhancing complement to Treasury Bill holdings or a substitute for OMO exposure where access is constrained.
Key Terms of the Offer
| Item | Details |
| Issuer | Skymark Partners Limited |
| Issuing & Placing Agent | AIICO Capital Limited |
| Target Size | Up to ₦6.5 billion |
| Series / Tenor | 54 (92 days) • 55 (183 days) • 56 (269 days) |
| Implied Yield | 19% • 21% • 24% |
| Discount Rate | 18.1317% • 18.9996% • 20.3930% |
| Pricing Method | Fixed Price |
| Issuer Rating | A+ (DataPro) |
| Minimum Subscription | ₦5,000,000 and multiples of ₦1,000 thereafter |
| Offer Opens | Wednesday, 21 January 2026 |
| Offer Closes | Monday, 26 January 2026 |
| Allocation Date | Monday, 26 January 2026 |
| Funding Date | Tuesday, 27 January 2026 |
| Use of Proceeds | Working capital |
| Listing | SEC-approved securities exchange |
The Commercial Paper is registered with the Securities and Exchange Commission Nigeria, providing regulatory oversight and investor assurance.
