Neveah Limited, an indigenous export company has announced the upsize of its commercial paper programme from N10 billion to N20 billion by FMDQ Exchange.
The company said it has successfully issued and repaid a total of N14.54 billion in previous commercial papers issuances.
Following the registration of its initial N10 billion commercial paper programme in 2021, the approval of this commercial paper programme upsize by the FMDQ comes on the back of Neveah’s business growth over the last few years.
“This is a major milestone for our company and we are extremely excited for the opportunities this upsize provides for our business growth as it strengthens the company’s capacity to fulfil increasing contractual obligations and fund its short-term working capital needs,” said Ibidapo Lawal, CEO and founder of Neveah Limited.
Gbadebo Adenrele, managing director, of investment banking at United Capital plc, said that “United Capital plc is pleased to have acted as a lead arranger to Neveah Limited on its successful capital raising rounds and the recent programme upsize to N20 billion, which underpins the company’s strategic growth objectives.
“We will continue to leverage our considerable knowledge of the capital markets to provide adequate support for Neveah as well as other SMEs and mid-market enterprises seeking to access funding,” Adenrele added.
With BBB- and BBB ratings from Agusto & Co and DataPro, the company has demonstrated financial strength which is a result of the improvement in the operations of the company.
The company stated that it has raised about N15 billion and has a standing history of successfully repaying all obligations when they are due without any case of default.
Neveah Limited is an indigenous export company in Nigeria that deals in Agro commodities, base metals and minor metals.