Firm pushes new phase of growth, redeems N824.2m commercial paper

Miskay Boutique International Limited (Miskay) has redeemed in full its N824.2 million Series 1 Tranche B Commercial Paper at maturity.

The repayment represents the company’s second successful Commercial Paper redemption in 2026, following the redemption of its Series 1 Tranche A issuance in May. Both instruments were issued under the company’s N5.00 billion Commercial Paper Programme.

According to the company, the successful repayment comes as it enters a new phase of growth following the November 2025 capital raise, which enabled the company to rebuild inventory capacity, strengthen its operating infrastructure and reposition the business for renewed growth and margin expansion. The capital was deployed towards inventory replenishment, warehousing and distribution capabilities, operational infrastructure, brand repositioning and other strategic growth initiatives, helping to restore inventory availability and strengthen the platform required to support higher sales volumes.

Commenting on the redemption, Oluwaseun Akerele, co-founder and chief executive officer of Miskay Boutique International Limited, said access to capital comes with responsibility, adding that for the company, the redemption of this Commercial Paper is more than the completion of a financial obligation; but an evidence that ambition, accountability and disciplined execution can move together.

“We have been deliberate about strengthening the foundations of the business and ensuring that capital entrusted to us is deployed responsibly. Successfully redeeming Tranche B, following the repayment of Tranche A earlier this year, reinforces our commitment to investors and to building an institution designed for sustainable scale.

“Our focus now is to carry this discipline into the next phase of Miskay’s growth, strengthening inventory, improving operational efficiency, expanding our digital capabilities and establishing a meaningful presence beyond Nigeria,” Akerele said.

He further said that the impact of these initiatives is increasingly evident across the company’s financial and operating performance, with trading momentum strengthening materially since the November 2025 capital raise. Customer engagement has improved significantly, with store footfall increasing by over 200 per cent and weekly digital impressions exceeding 5 million, reflecting stronger brand visibility, renewed customer interest and deeper engagement across Miskay’s channels.

Miskay has also resumed its physical expansion strategy with the successful launch of its Benin store, its first new location in over four years, demonstrating renewed confidence in the underlying business and its capacity to support further growth.

Customer demand has been further validated through a series of successful commercial and brand initiatives, including the Hilda Baci collaboration, May end-of-month sales campaign and the Countryside Polo Experience in collaboration with Isimi Lagos. These initiatives have strengthened customer engagement, reinforced brand relevance and demonstrated the company’s ability to translate targeted marketing and product initiatives into tangible commercial traction.

Collectively, these developments position Miskay to enter the second half of FY2026 from a materially stronger operating position, supported by improved inventory availability, renewed customer demand and a strengthened platform for scale.

The company remains focused on executing its FY2026 growth strategy, with immediate priorities centred on commencing operations in Ghana in Q3 2026 and building inventory capacity ahead of the peak Q4 trading period. The Ghana expansion will establish Miskay’s first regional flagship presence and provide a platform for broader West African growth, while freight and supply chain optimisation initiatives are expected to reduce logistics costs, improve gross margins and support the continued expansion of its e-commerce and cross-border sales channels.

These initiatives have enabled Miskay to strengthen its operating platform, deepen customer engagement and resume physical expansion with the opening of its Benin store, the Company’s first new location in more than four years.

Miskay’s strategic priorities include scaling inventory ahead of the peak trading period, improving freight and supply-chain efficiency, advancing its Ghana expansion and growing its e-commerce and cross-border operations.

The company will continue to evaluate opportunities within the Nigerian debt capital market as part of its long-term working-capital and growth strategy. Miskay remains committed to prudent financial management, strong governance and transparent engagement with investors, advisers and other market stakeholders.