Neveah Limited, an indigenous export company, has announced the redemption of its N2.923 billion Series 7, 8, and 11 commercial paper notes issued in February, May, and July 2023, respectively.
Mr. Ibidapo Lawal, the Chief Executive Officer of the Abuja-based commodity trading company dealing in the export of solid minerals and agricultural products, shared this information with the News Agency of Nigeria (NAN) on Friday in Abuja.
A Commercial Paper (CP) serves as an unsecured short-term debt security, akin to a promissory note or bonds, enabling corporate organisations to raise short-term funds from the capital market. The maximum period for a CP is 270 days, commonly used to meet companies’ working capital needs.
Lawal highlighted the significant growth Neveah has experienced since its incorporation in 2014, noting a revenue increase of over 847 percent from N2.0 billion in 2019. The company has expanded its offerings from a small commodity trading operation to a leading dealer and exporter of world-class-quality solid minerals, agro-commodities, and logistics.
He mentioned the registration of a N20 billion Commercial Paper Programme in April 2023, followed by the successful raising of N11.1 billion through its Series 6-15 Commercial Paper Issuance to meet working capital requirements.
Lawal emphasised Neveah’s dedication to becoming the foremost indigenous export company for Nigerian solid minerals and agricultural products, promoting locally made products. He expressed gratitude to all parties involved in the successful endeavour, stating, “Neveah remains dedicated to fulfilling its obligations in a timely manner, showcasing our commitment to financial prudence and sustainable growth.”
The Neveah CEO noted that Dr. Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Plc, is thrilled to have assumed the responsibility of Lead Arranger for the company.
United Capital played a crucial role in supporting Neveah throughout its successful capital-raising and the settlement of the N2.9 billion Series 7, 8, and 11 Commercial Paper Issuance.
“Neveah has continuously shown its commitment to utilising funds from the capital markets to improve its revenue and profit. We have consistently demonstrated our competency in the export industry, and United Capital Plc will continue to use its in-depth knowledge of the capital markets to help Neveah and other SMEs seeking to access funding,” he stated.
Neveah Limited is a fast-growing commodities export company registered by the Nigerian Export Promotion Council to promote and export Nigerian-made commodities to Switzerland, Germany, the United States, Hong Kong, China, and others. Neveah strategically sources quality agricultural commodities and solid minerals by working closely with selected suppliers.
