Neveah Limited Redeems N2.04bn Commercial  Paper

Kasim Sumaina in Abuja

Neveah Limited, a leading commodity trading company has announced the redemption of its obligation of the N2.04 billion Series 13 commercial paper notes issued in July 2023.

The Chief Executive Officer of Neveah, Mr. Ibidapo Lawal, stated that the objective of the company is to be the foremost export company for solid minerals and agricultural products in Nigeria, stressing that this issuance would assist in achieving that objective.

“This issuance will assist us in meeting our working capital requirements and further strengthening our capacity to realize our objectives. We extend our appreciation to all the parties involved in making this a success,” Lawal said.

According to him,  the company has recorded significant transformation  since incorporation in 2014 with revenue soaring by 445 per cent between 2019 and  third quarter of 2023.

The growth, Lawal  added has also seen to the expansion of  Neveah’s  offerings from a small commodity trading operation to a full-fledged food and agribusiness encompassing semi-finished and consumer goods, commodities trading as well as logistics.

This exceptional growth the company explained, facilitated the successful registration of a N20 billion Commercial Paper Programme in April 2023, shortly after which the company raised N2.04 billion via its Series 13 Commercial Paper Issuance to meet working capital requirements.

Meanwhile,  the Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele said  “United Capital Plc was  excited to have taken on the role of Lead Arranger in supporting Neveah Limited throughout its successful capital-raise and the settlement of N2.04 billion.

This accomplishment, he noted, reflects the company’s dedication to realising its strategic growth objectives.

 “We will persist in leveraging our extensive expertise and skills to facilitate Neveah and other small and medium-sized enterprises (SMEs)  in accessing the capital markets for funding their growth and expansion strategies,” he said.

Neveah was awarded a long-term rating of BBB+ by DataPro Limited and Bbb-by Agusto & Co which reflects Neveah’s good credit quality and adequate capacity for timely payment of financial commitments.

In addition, the rating shows fair financial strength, operating performance, and business profile when compared to the standard established by the rating agency.

Neveah Limited aims to continually improve its business processes, thereby delivering value to stakeholders both internally and externally. Neveah’s major markets are in Europe, North America and Asia, company was recently awarded the 18th fastest growing company in Africa by Financial Times UK.

Neveah Limited continues to demonstrate credit worthiness, redeems Series 13 commercial paper issuance at maturity.