Nigerian pharmaceutical firm, MeCure Industries Plc has launched a N10 billion, 269-day Series 6 commercial paper (CP), offering investors an effective annual yield of 21 percent, according to market watchers, who say this is a signal of rising corporate appetite for short-term funding amid strong earnings.
The offer, part of the company’s N40 billion CP programme, opened on December 9 and closes on December 12, 2025, with settlement set for December 14 and maturity on September 26, 2026. Investors are required to commit a minimum of N5 million, with subsequent investments in multiples of N1,000.
The issuance follows significant growth in MeCure’s financial performance, with revenue for the nine months ended September 30, 2025, almost doubling to N60.01 billion from N30.22 billion in the same period of 2024. Operating profit jumped 159 percent to N13.02 billion, underlining strong operational efficiency and rising demand for the company’s pharmaceutical products.
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Analysts say the CP represents an attractive short-term investment amid elevated yields in Nigeria’s fixed-income market. “MeCure’s issuance is timely, offering investors a rare double-digit yield while the company continues to deliver strong revenue and profit growth,” said one market analyst.
The move also reflects a broader trend among Nigerian corporates, which are increasingly using commercial paper to fund working capital and expansion, particularly in sectors like pharmaceuticals where demand has surged, and government incentives have improved local production competitiveness.
While the company’s rising debt levels are a factor to monitor, MeCure’s interest coverage ratio of 1.96x indicates it can comfortably meet its obligations, even after the new issuance. Investors appear confident that the firm’s growth trajectory and strong earnings will continue to support its debt servicing capacity.
The Series 6 CP issuance not only provides a high-yield investment opportunity but also signals growing sophistication in Nigeria’s corporate debt market, where companies are increasingly leveraging short-term instruments to balance growth, liquidity, and capital needs.