TheCable

Neveah Limited, a leading commodity trading company, has redeemed N2.923 billion series 7, 8 and 11 commercial paper issuance under its N20 billion commercial paper programme.

In a statement, the company said it is delighted to announce the redemption of its obligation of the N2.9 billion commercial paper notes issued in February, May and July of 2023 respectively.

Ibidapo Lawal, the chief executive officer of Neveah, expressed his optimism about Neveah’s recent achievement.

“We are steadfast in our pursuit to become the foremost indigenous export company for solid minerals and agricultural products in Nigeria. Neveah remains dedicated to fulfilling its obligations in a timely manner, showcasing our commitment to financial prudence and sustainable growth. Our gratitude extends to all the parties involved in making this endeavour a success,” Lawal said.

“Neveah Limited has experienced remarkable growth since its incorporation in 2014. The revenue has grown significantly by over 847.8% from N2.0 billion in 2019. We have also expanded offerings from a small commodity trading operation to a leading dealer and exporter of world-class quality solid minerals and agro-commodities, as well as logistics. This impressive growth led to successfully registering an N20 billion Commercial Paper Programme in April 2023. Shortly after, the company raised N11.12 billion via its Series 6-15 Commercial Paper Issuance to meet working capital requirements.”

Gbadebo Adenrele, the managing director, Investment Banking at United Capital Plc, said, “United Capital Plc is thrilled to have assumed the responsibility of Lead Arranger while playing a crucial role in supporting Neveah Limited all through its successful capital-raising and the settlement of N2.923 billion, Series 7, 8 and 11 Commercial Paper Issuance under its N20 billion Commercial Paper Issuance Programme.

“Neveah has continuously shown its commitment to utilising funds from the capital markets to improve its revenue and profit. They have consistently demonstrated their 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 and mid-market enterprises seeking to access funding.”