From angel investors to capital markets: Agro Eknor’s 12-year blueprint for scaling Nigerian agribusiness

• Founded in 2013 with$1 million in seed capitalfrom three founders and two angel investors, AgroEknor used its early funding to build the foundations of an integrated agribusiness—establishing sourcing networks, export capability, and operational systems at a time when Nigeria’s sector was dominated by informal commodity trading.
• A major turning point came in 2016, when the company secured ₦750 million in development finance from NEXIM, DBN, and private sources, enabling export scaleup, stronger governance, and valuechain expansion. This was followed in 2021 by $2.5 million in growth equity from Aruwa Capital, validating AgroEknor’s operational maturity, governance structure, and scalability in a traditionally high-risk sector.
• By 2025, AgroEknor had strengthened capital markets’ credibility by repaying its Series 1 and 2 commercial papers on schedule, then issuing Series 3 and 4 under its ₦100 billion Commercial Paper Programme—demonstrating investor confidence and marking its evolution into a fully institutionally financed agribusiness with diversified funding across debt, equity, and development finance.

When AgroEknor was founded in 2013 with a $1 million seed investment from three founders and two angel investors, Nigeria’s agribusiness landscape was still largely dominated by informal commodity trading and undercapitalized exporters.

Twelve years later, the company’s capital journey spanning angel funding, development finance, growth equity, and commercial paper issuances provides a structured example of how Nigerian agribusinesses can scale beyond raw exports into institutionally financed enterprises.

**Building the foundation: $1 million seed capital **

AgroEknor’s early $1 million seed round laid the groundwork for what would become a vertically integrated agribusiness model. The capital enabled the company to establish sourcing networks, develop export relationships, and build operational systems across procurement and logistics.

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The company’s founding conviction was clear: African agriculture can power globally competitive businesses if companies build from farm to finished product rather than relying solely on commodity trading.

In a sector often constrained by working capital shortages and price volatility, early structured capital was critical to establishing credibility and operational depth.

**2016: Development finance drives export expansion **

A key inflection point came in 2016, when AgroEknor secured ₦750 million in working-capital funding from NEXIM Bank, private capital, and the Development Bank of Nigeria (DBN).

The financing supported export growth and value-chain expansion, enabling the company to scale sourcing and processing capacity.

Development finance institutions typically impose stronger reporting requirements, governance standards, and operational discipline. Accessing this capital signaled AgroEknor’s transition from an early-stage exporter into a more structured agribusiness with institutional oversight.

For many Nigerian agribusinesses, development finance serves as a bridge between informal growth and institutional maturity.

**2021: Growth equity validation **

In 2021, AgroEknor secured $2.5 million in growth equity investment from Aruwa Capital Management.

Equity investors in agribusiness assess governance frameworks, supply chain reliability, scalability, and management execution. The investment therefore represented not just funding, but validation of the company’s operational and governance structure.

Growth equity is particularly significant in agribusiness, where climate risks, commodity price fluctuations, and supply chain inconsistencies can deter investors. Securing equity capital positioned AgroEknor within a smaller group of Nigerian agribusinesses capable of meeting institutional performance thresholds.

**2025: Capital markets credibility **

By 2025, AgroEknor had repaid its Series 1 and Series 2 commercial papers on schedule – a milestone that strengthened investor confidence and market credibility.

Commercial papers are short-term debt instruments increasingly used by Nigerian corporates to finance working capital and expansion. Repayment performance is central to maintaining investor trust and securing repeat issuances.

Following the repayments, AgroEknor issued Series 3 and Series 4 commercial papers under its ₦100 billion commercial paper programme, led by United Capital. The funds were structured to support sourcing, processing, export activity, and brand expansion.

**Timeline: AgroEknor’s Capital Journey (2013–2025) **

• 2013: Founded with $1m seed investment (3 founders + 2 angels)
• 2016: Secured ₦500mworking capital (NEXIM Bank, DBN, private sources)
• 2021: Raised $2.5m growth equity (AruwaCapital Management)
• 2025: Repaid Series 1 & 2 commercial papers on schedule
• 2025: Issued Series 3 & 4 commercial papers under ₦100bn CPprogramme(United Capital-led)