Neveah Limited Clears Debt Under Its N20bn Commercial Paper Programme
Kasim Sumaina in Abuja
Neveah Limited, a leading commodity trading company specialising in the export of solid minerals and agricultural products, has announced the redemption of its N1.9 billion Series 15 commercial paper notes issued in November 2023.
Since commencement of operations in 2014, the company said it has experienced remarkable growth, with revenues increasing by over 858 per cent from 2019 to 2023.
The company has evolved from a small commodity trading operation into a leading dealer and exporter of high-quality solid minerals and agro-commodities.
To date, Neveah Limited has successfully raised a cumulative total of N25.51 billion through its Series 1-15 Commercial Paper Issuances to address working capital needs, all of which have been entirely repaid.
The Chief Executive Officer of Neveah, Mr. Ibidapo Lawal, stated, “Neveah Limited started off with a simple vision to responsibly trade indigenous products on a global scale.
“This has not always been easy, considering the trying economic times we find ourselves in, but we have always been able to count on the support of our investors in the CP market who have always given us a chance from the early days.”
According to him, “Meeting our obligations by ensuring we repay as and when due is our way of showing good faith and sending the message that banking on us will always be a good choice.”
Similarly, the Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele, stated that United Capital Plc was excited to have supported Neveah Limited as Lead Arranger on all its commercial paper issuances.
Neveah, Adenrele, said has shown unwavering dedication to utilising funds raised from the capital markets for its working capital needs and ensuring repayment to all investors.
He further explained that United Capital Plc will continue to leverage its in-depth knowledge of the capital markets to assist Neveah and other corporates access funding from the capital markets.
