Nigerian Breweries Plc (“NB”), announced on Monday the establishment of a new N100bn Commercial Paper (“CP”) programme.

In a statement released by the company to the Nigeria Stock Exchange (NSE), it said the new Commercial Paper could be issued in tranches or series of such amounts and at such dates, discounted values, coupon or interest rate, within such maturity periods and upon such other terms and conditions as may be determined by the company.

The establishment of a N100bn Commercial Paper by NB marks the second time the brewing company would set-up a “CP” of this magnitude. At the height of the Nigerian recession in 2015, the company established a N100bn Commercial Paper programme, which at the time was reported to be the largest Commercial Paper programme to be established in Nigeria by a (non-financial institution) corporate issuer since the 2009 guidelines on Commercial Paper from the Central Bank of Nigeria (CBN).