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C&I Leasing Plc, the Lagos-based leasing and business services company chaired by Nigerian businessman Samuel Maduka Onyishi, has won shareholder approval to raise N30 billion ($20 million) through a mix of debt and equity.
The plan, endorsed at the company’s 34th annual general meeting held virtually in September, combines a N15 billion ($10 million) corporate bond with a N15 billion ($10 million) equity issuance. Management said the funds will be used to expand operations, refinance costly debt, and reinforce the company’s balance sheet.
Dual capital raise to strengthen balance sheet
Shareholders also cleared other major steps. These include consolidating all finance lease operations into C&I Finance Company Limited to improve efficiency, and backing the acquisition of a 71.15 percent stake in Ghana’s Leasafric Logistics Ltd.
The Leasafric purchase will be funded from dividends earned on C&I Leasing’s existing stake in Leasafric Ghana Plc. The twin capital raise reflects the company’s effort to balance refinancing with fresh investment, at a time when Nigeria’s corporate bond market has been pressured by higher yields and more cautious investors.
C&I Leasing’s ability to secure favorable pricing on its bond will determine the strength of the program, while equity investors will be watching closely to ensure funds are deployed transparently.
The Leasafric deal points to C&I Leasing’s regional ambitions. The company wants to make fleet leasing, outsourcing staff and logistics work better together by growing even more in Ghana and West Africa. The restructuring of its finance lease arm is also expected to help with compliance and expansion.
Maduka's journey as an entrepreneur and C&I Leasing's plans for growth
C&I Leasing has grown steadily since it started in 1990. It now offers marine logistics, outsourcing, and fleet management services. Its growth ambitions changed after Samuel Maduka Onyishi—best known as the founder of Peace Mass Transit, one of Nigeria’s largest transport operators—led the acquisition of a controlling stake from private equity firm Actis in 2021. He became chairman soon after joining the board in 2020.
For Onyishi, the latest N30 billion ($20 million) fundraising plan marks another chapter in repositioning the company for long-term growth. It also puts C&I Leasing among a growing number of Nigerian firms tapping debt and equity markets to shore up operations and manage rising financing costs.
