Lagos, Nigeria – SKLD Integrated Services Limited has launched a N7.5 billion Commercial Paper (CP) issuance under its N10 billion CP programme. The offer opened on March 26, 2026, and is set to close on April 1, 2026, with funding scheduled for April 2, 2026.
Okay News reports that the proceeds will be used to finance the company’s working capital needs and further consolidate its growth and operations. The CP offers two series: a 270‑day note priced at a discounted rate of 18.92% (implied yield 22.00%) and a 364‑day note at 19.37% (implied yield 24.00%), both carrying a short‑term issuer rating of A1 from DataPro.
Investors can subscribe in units of at least N1 million and additional multiples of N1,000, making the offer more accessible to retail participants than many other commercial papers that require a minimum of N5 million. SKLD’s CPs are short‑term, unsecured debt instruments, which means they carry default risk and are not backed by collateral. Prospective investors are advised to ensure that the quoted yields cover both applicable taxes and inflation, which currently stands at about 15.06%, to secure a positive real return.
SKLD Integrated Services is a diversified Nigerian company active in educational and office supplies, branded goods, garment manufacturing, and humanitarian‑aid procurement. It operates through five divisions: Skit Store, SKLD Relief, Marcel Hughes Schoolwear, SKLD Corporate Sales, and SKLD Distributorship Division. The firm supplies over 1,000 schools across 26 cities and serves international humanitarian partners including the UN, UNICEF, and the Norwegian Refugee Council.
Financially, the company posted a pre‑tax profit of N766 million in 2025, up 147% from N127 million in 2024, underpinned by steady revenue growth that averaged 53% per year between 2021 and 2025. Revenue rose from N1.9 billion to N10.8 billion over that period. Despite this top‑line strength, SKLD’s pre‑tax margin was only about 5%, well below its gross‑profit margin of 30%, indicating that higher operating costs are constraining bottom‑line gains.
The firm’s interest‑coverage ratio remains thin at 1.3x, implying that operating profit barely exceeds interest expenses. Its leverage metrics, however, are improving, with the debt‑to‑equity ratio falling from 2.76 in 2024 to 1.81 in early 2026, signaling reduced reliance on debt funding. While SKLD holds a BBB+ long‑term rating that reflects reasonable risk management and stability, the short‑term rating suggests vigilance is needed on near‑term liquidity and fixed‑cost pressures. Stronger cost control, especially on overhead, would help the company absorb likely higher interest outlays and improve its margins over time.
 issuance under its N10 billion CP programme. The offer opened on March 26, 2026, and is set to close on April 1, 2026, with funding scheduled for April 2, 2026.){kind=link}