Sycamore Surpasses #3bn Target with #6.89bn CP close
L-R: Daniel Anyaegbu, Chief Technical Officer, Sycamore Group; Babatunde Akin-Moses, CEO, Sycamore Group; Onyinye Okonji, COO, Sycamore Group; Gbenga Magbagbeola, Managing Director, Sycamore Investment and Asset Management Ltd; and Abdulateef Hussein, Group Chief Executive Officer, BAS Capital, at the signing of Sycamore’s oversubscribed commercial paper offering in Lagos on Tuesday.
… oversubscribed by 230%
Sycamore Integrated Solutions Limited has closed its Series 1 Commercial Paper(CP) issuance at ₦6.89 billion against a ₦3 billion target, drawing subscriptions at 2.3x the offer size. The result places a Nigerian fintech among a small group of technology-driven firms that have successfully tapped the debt capital market to fund growth outside of venture and equity financing.
The issuance forms part of a ₦20 billion Commercial Paper Programme arranged by BAS Capital Limited, and ran from March 9 to March 20, 2026. Proceeds will be deployed to expand Sycamore’s lending book, providing more accessible credit to small and medium-sized businesses across Nigeria.
As venture funding conditions have tightened globally and equity dilution has become a more pressing concern for founders, debt instruments like commercial paper have grown in appeal for companies with the governance structures and financial track record to access them. For a fintech to close a commercial paper at this subscription level is less common; it requires SEC licensing, institutional-grade compliance systems, and a level of financial disclosure that many early-stage companies are not yet positioned to provide.
Sycamore has been building toward that position since 2019. In the 2025 financial year, the Group processed over ₦100 billion in transactions for approximately 400,000 customers across salary loans, business financing, investments, asset portfolios, and multi-currency wallets — the kind of operational depth that gives institutional investors a clear picture of the business before they commit capital.
Commenting on the outcome, Founder and CEO of Sycamore, Babatunde Akin-Moses said the result reflects both the market’s direction and what investors found upon a closer examination of Sycamore.
“Investors in this environment are being careful about where they put capital. They want predictable returns. They also want to know that the entity behind the instrument has the governance structures to back that up. We went through a rigorous SEC licensing process that examined our risk frameworks and client protection mechanisms. The subscription levels tell us that when investors did their due diligence on Sycamore, what they found gave them confidence,” he said.
Managing Director of BAS Capital Limited, Yinka Adetuberu said the result reflects sustained demand for quality issuances in the market.
He said, “We are seeing consistent demand in the commercial paper market, driven by current interest rate levels and investor preference for short-duration, yield-accretive instruments. This transaction is consistent with that broader trend, and the level of subscription it attracted speaks to the quality of the issuer,”.
For Sycamore, the close marks its first foray into the debt capital market.
Sycamore Integrated Solutions Limited
Sycamore is a Nigerian fintech founded in 2019 by Babatunde Akin-Moses, Onyinye Okonji, and Mayowa Adeosun. The company provides credit solutions to individuals and businesses, with a particular focus on small and medium-sized enterprises.
In the 2025 financial year, the Sycamore Group processed over ₦100 billion in transactions for approximately 400,000 customers across salary loans, business financing, investments, asset portfolios, and multi-currency wallets. Its regulated entity, Sycamore Investment and Asset Management Limited, holds a Securities and Exchange Commission license to operate as a fund and portfolio manager.
Meanwhile, BAS Capital Limited is a SEC-registered capital market operator providing structured finance and advisory services across Nigeria’s debt capital markets. It has subsidiaries in capital management, wealth advisory, ethical asset management, insurance, healthcare, and technology, providing end-to-end financial services that foster growth, security, and long-term value.
