Neveah Limited has announced the redemption of its obligation of the N2.04 billion Series 13 commercial paper notes issued in July 2023.
Making this known in a statement to the press, the leading commodity trading company, essentially dealing in the export of solid minerals and agricultural products, noted that its transformation process since incorporation in 2014 has been marked by superlative progress as revenue grew by 445% between 2019 and the present day – Q3 2023. Also adding to that is the expansion of its 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 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,” it stated.
Mr. Ibidapo Lawal, the Chief Executive Officer of Neveah, disclosed that the company’s main focus is to be the foremost indigenous commodity exporter in Nigeria.
“Our objective is to be the foremost export company for solid minerals and agricultural products in Nigeria. This issuance will assist us in meeting our working capital requirements and further strengthening our capacity to realise our objectives. We extend our appreciation to all the parties involved in making this a success,” Lawal said.
In addition, the Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele, stated that United Capital Plc is excited to have taken on the role of Lead Arranger in supporting Neveah Limited throughout its successful capital-raising and the settlement of N2.04 billion, which covers Series 13 of its N20 billion Commercial Paper Issuance Program.
According to Adenrer, “this accomplishment reflects the company’s dedication to realising its strategic growth objectives, and 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.”
Meanwhile, 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. And the rating shows fair financial strength, operating performance, and business profile when compared to the standard established by the rating agency.
Ibidapo Lawal also noted that “Neveah Limited aims to continually improve its business processes, thereby delivering value to stakeholders both internally and externally, adding that Neveah’s major markets are Europe, North America, and Asia. The company was recently awarded the 18th fastest-growing company in Africa by the Financial Times UK.”