Wemy Industries, a Nigerian manufacturer of hygiene and personal care products, has raised N1.396 billion through its inaugural commercial paper issuance after investors subscribed about 40 percent more than the amount offered, signalling sustained appetite for highly rated corporate debt despite elevated domestic interest rates.
The fundraising, conducted under the company’s N5 billion commercial paper programme, is Wemy’s first entry into Nigeria’s debt capital market and comes as manufacturers tap short-term debt to finance working capital and expand production capacity rather than rely solely on bank lending.
The company said proceeds from the issuance would be used to fund working capital, improve inventory management, strengthen distribution, and support the expansion of its manufacturing operations.
The debt sale follows what Wemy described as a period of rapid growth. The company said revenue and gross profit recorded compound annual growth rates of about 58 percent and 52 percent, respectively, between 2019 and 2025, driven by stronger market penetration, operational improvements, and sustained demand across its product portfolio.
Founded in 1978, Wemy manufactures baby diapers, adult diapers, sanitary pads and wipes under its Dr Brown’s and Nightingale brands. The company recently installed an additional production line for adult diapers, which it described as its most profitable product category, to increase capacity and meet rising demand.
