Pivot Energy opens ₦100bn paper with yields up to 24.5%
Pivot Integrated Energy Services has opened a 100 billion naira commercial paper issuance offering yields up to 24.5% to fund its petroleum distribution network as an approved off-taker for the Dangote Refinery.
Pivot Integrated Energy Services Limited has launched a Series 1 commercial paper issuance of up to ₦100 billion. The sale, arranged by Pathway Advisors Limited, is the first tranche of a broader ₦300 billion programme and will remain open for subscription until July 31, 2026. Pathway Advisors is a capital-raising firm registered and regulated by the Securities and Exchange Commission in Nigeria.
The issuance is split across three tenors to accommodate different investor maturity preferences. Tranche A spans 180 days at a 17.5% discount rate to yield 19.15%, while Tranche B offers a 270-day term at a 19.5% discount to yield 22.79%. The longest option, Tranche C, matures in 364 days with a 19.69% discount rate and a 24.50% yield, with a minimum subscription of 5,000 units at ₦1,000 per unit.
Short-term credit ratings from three Nigerian agencies provide a gauge of the paper's risk profile. Agusto & Co. and Global Credit Rating both assigned an A3 rating, while DataPro Limited rated the issuance A1. These grades reflect the specific credit risks associated with short-term corporate debt in the Nigerian downstream sector.
Capital raised will finance working capital for Pivot’s core operations. The funds will support the importation, trading, storage, distribution, and supply of refined petroleum products across Nigeria and selected African markets. For fixed-income investors, the issuance provides a high-yield entry point into the physical downstream energy supply chain.
Pivot’s ability to service this debt is closely tied to its role in the newly operational Dangote Refinery ecosystem. The company is one of 20 approved off-takers in the Dangote Refinery PMS Consortium, holding an allocated target volume of 300 million litres per quarter. This direct access to domestic refining output provides a concrete revenue base for the indigenous energy firm.
Pivot supplies premium motor spirit, automotive gas oil, and aviation turbine kerosene to a diversified customer base spanning bulk buyers, industrial users, and manufacturers. These operations are concentrated across major Nigerian hubs including Lagos, Calabar, and Port Harcourt. The commercial paper programme highlights how local borrowers are tapping Nigeria's money markets to build the logistics required to distribute the Dangote Refinery's output.
