Neveah Rakes-in N8.9bn from Commercial Paper Issuance

Kasim Sumaina in Abuja 

A leading commodity trading company, Neveah, has announced the completion of its Series 6-13 Commercial Paper Issuances, wherein a cumulative amount of N8.9billion was raised.

The series 6-13 issuances, Neveah rsaid, were well received and subscribed to by a wide range of investors including asset managers, insurance companies, Pension Fund Administrators (PFAs) and trustees, in addition, the issuance received the approval of FMDQ Securities Exchange Limited (“the Exchange”).

The Chief Executive Officer, Mr. Ibidapo, told Journalists that the successful completion of the Series 6-13 Commercial Paper Issuance affirms the company strategic objective to evolve into a leading dealer and exporter of world-class quality solid minerals and agro commodities to its clients, while ensuring a transparent business approach.

The successful debt financing rounds, he said, came on the heels of ratings of A1 (short-term) and an upgraded rating of BBB+ (long-term) with a positive outlook retained from DataPro Ratings.

Lawal said: “our goal is to become the apex export firm for solid minerals and agro products in Nigeria. This issuance will help meet our working capital needs and further enhance our capacity to achieve our goals. We are grateful to all the parties who made this a success.”