Skymark Partners Limited has launched an offer of up to ₦10 billion across Series 5, 6, 7 and 8 Commercial Paper issuances under its recently established ₦200 billion Commercial Paper Programme, positioning itself to tap Nigeria’s increasingly active debt capital market as it expands investments across financial services, technology, agriculture, education and real estate.
The offer, being marketed by AIICO Capital Limited alongside UCML Capital and United Capital, is intended to fund the company’s short-term working capital requirements and support operational efficiency.
The issuance comes after a period of rapid expansion for the investment company, which reported that gross earnings rose to ₦13.91 billion in 2025, up from ₦6.39 billion in 2024, while profit after tax increased to ₦2.96 billion from ₦1.39 billion over the same period. Total assets more than doubled to ₦64.72 billion, compared with ₦31.31 billion a year earlier.
Nigerian Investment House Betting on Growth Sectors
Founded in 2009, Skymark Partners describes itself as a proprietary investment company focused on identifying and scaling opportunities in sectors it believes will benefit from Nigeria’s long-term economic and demographic trends. Its portfolio spans financial services, education, technology, agriculture and real estate.
The company says it currently has investments in ten companies across Nigeria, Kenya and South Africa and operates through a model that combines investment activity with strategic support for portfolio businesses.
Among its investee businesses are Riverfront Investments, a secured lending company; Richmond Agro, an agricultural processing and livestock business in Kwara State; and Skymark Partners Investment Management, a Securities and Exchange Commission-regulated asset management firm.
Richmond Agro currently operates facilities with annual capacity for approximately 100,000 poultry birds and 100,000 fish, with plans to scale production to one million birds and one million fish annually within five years, while also expanding into storage, processing and exports.
Revenue Growth Driven by Larger Investment Portfolio
The company attributes its strong financial performance to expansion of its balance sheet and increased investment activity.
According to its investor presentation, revenue grew by 117 percent in 2025, driven largely by investment income and gains on financial assets. Profit before tax rose by 110 percent, while shareholders’ funds increased by 96 percent to ₦6.05 billion. Total assets expanded by 106 percent to ₦64.73 billion.
Financial statements included in the investor presentation show that gains on financial assets rose sharply to ₦9.14 billion in 2025 from ₦1.53 billion in 2024, becoming the principal driver of earnings growth.
The company’s return on equity has also improved steadily, rising from 21 percent in 2021 to 48 percent in 2025, according to historical performance data presented to investors.
Building a Debt Market Track Record
One of the key selling points of the offer is Skymark’s repayment history.
The company says it has raised approximately ₦93.8 billion across two commercial paper programmes and has already repaid more than ₦60 billion. The investor presentation describes its repayment record as perfect, noting that previous issuances have been redeemed on schedule.
Skymark first established a ₦5 billion Commercial Paper Programme in 2022 before subsequently increasing it to ₦10 billion and later ₦30 billion. In February 2026, it secured SEC approval for a significantly larger ₦200 billion programme, providing substantial headroom for future debt-market fundraising.
Details of the New Offer
The current issuance consists of four series with tenors ranging from 91 days to 364 days.
Indicative yields range from 17 percent for the 91-day paper to 24 percent for the 364-day tenor, reflecting current market conditions and investor demand for short-term fixed-income instruments. The minimum subscription size is 5,000 units, with subsequent subscriptions in multiples of 1,000 units.
The company holds a DataPro A+ rating with a stable outlook, an upgrade from its previous A rating, which management cites as evidence of improving credit quality and financial strength.
Why Investors May Be Interested
Skymark’s investment case rests on six key arguments: a proprietary investment model it calls the Skymark Total Return Engine Multiplier (STREM); exposure to sectors with strong long-term growth prospects; a lean operating structure designed to minimise costs; consistent financial growth; an experienced board and management team; and a strong repayment history in the commercial paper market.
The company’s board is chaired by Egie Akpata, an investment banker with experience spanning Deutsche Bank, United Capital and UCML Capital, while independent directors include Rume Aggrey, a Harvard-trained lawyer and former MTN executive, and Anthony Enenmor, a finance executive whose experience includes senior roles at Flour Mills of Nigeria and BUA Group.
What the Offer Signals
The transaction highlights the growing importance of Nigeria’s commercial paper market as an alternative source of funding for expanding businesses. While bank lending remains expensive and often constrained, commercial paper programmes have become an increasingly attractive route for companies with established credit profiles and repeat access to institutional investors.
For Skymark Partners, the latest issuance represents more than a working-capital exercise. It is also a test of investor confidence in the company’s ability to sustain the rapid growth trajectory that has seen revenue rise more than fifty-fold since 2021 and assets grow to nearly ₦65 billion. Whether that pace can be maintained will likely determine how successfully the company can utilise the substantial capacity available under its new ₦200 billion programme.
