Marble Capital Limited

AFEX Opens Fair Trade Limited Series 1, Tranche A,B, C, & D Asset Backed Murabahah Notes and Conventional Notes Issuance for Investment

In a move set to redefine Nigeria’s agricultural landscape, AFEX Fair Trade Limited has unveiled its much-anticipated Series 1 Asset-Backed Murabahah and Conventional Notes. The offering, which opened on April 30th, 2024, and is set to close on May 8th, 2024, has stirred considerable interest in the investment community.

The issuance, valued at a programme size of 150 billion with an issue size of ten billion, is under the stewardship of Marble Capital Limited. Renowned for its expertise in financial structuring and investment facilitation, Marble Advisory stands as a joint arranger for this groundbreaking transaction. Their partnership with AFEX underscores a commitment to driving innovation and growth within Nigeria’s agricultural sector.

The Series 1 offering is segmented into four tranches, catering to diverse investor preferences:

  1. Tranche A (Shariah-compliant, 180 days): expected return of 21.4663% and an expected yield of 24.000%.
  2. Tranche B (Shariah-compliant, 270 days): expected return of 22.8607% and an expected yield of 27.500%.
  3. Tranche C (conventional, 180 days): expected return of 21.4663% and an expected yield of 24.000%.
  4. Tranche D (conventional, 270 days): expected return of 22.8067% and an expected yield of 27.500%

Since its establishment in 2021, AFEX has made remarkable strides, operating across nine key commodity value chains and trading over 500,000 metric tons of commodities.

With an extensive infrastructure network of over 215 warehouses and collection centers, AFEX stands as a beacon of efficiency and reliability within the agricultural landscape. Its strategic partnerships with logistics providers across 28 states further solidify its position as a market leader, facilitating seamless trade execution and enhancing market access for smallholder farmers.

AFEX Fair Trade Limited’s stellar performance is underscored by its investment grade rating of “BBB+” by DataPro, reflecting robust financial strength and operational excellence. With revenues soaring from ₦26.17 billion in FY2021 to ₦137.65 billion in FY2023, AFEX has cemented its status as a key player in Nigeria’s agricultural sector.

The AFEX Fair Trade Limited Series 1 offering stands as a testament to innovation and progress within Nigeria’s agricultural sector. With Marble Capital Limited at the helm and AFEX’s proven track record of success, this issuance promises to deliver value to investors while catalyzing sustainable growth and development across the nation.

Indicative Transaction Summary


AFEX Fair Trade Limited

Lead Arranger/Dealer:   

Greenwich Merchant Bank Limited 

Joint Arrangers/Dealers:

CardinalStone Partners Limited, FCMB Capital Markets Limited, Lotus Financial Services Limited, and Marble Advisory Limited

Shariah Advisor:

One17 Capital Limited

Programme Size:   

₦150 billion   

Issue Size:   

Up to ₦10 billion   


Series 1  


A (Shariah-Compliant)

B (Shariah-Compliant)

C (Conventional)

D (Conventional)


180 days   

270 days   

180 days   

270 days   

(Profit Rate)/Discount Rate





Expected Yield:





Offer Opens:      

Tuesday, 30th April 2024   

Offer Closes:   

Wednesday, 08th May 2024   


Wednesday, 08th May 2024   

Settlement Date:   

Thursday, 09th May 2024   

Issuer Rating:   

BBB+ (DataPro)

Use of Proceeds:   

To support the Issuer’s short-term working capital and funding requirements

Minimum Subscription:   

Minimum of ₦5,000,000 and multiples of ₦1,000 thereafter   

Tax Consideration:

Applicable Taxes shall apply on the instrument except otherwise exempt

For more information, please reach out any of the following persons:

Kareemah Lawal


Fadeelah Abiru


Abdurrahman Olaleye


Mubaarak Abdulhameed