Commodity trading firm redeems N5.7bn commercial papers
A commodities export and trading company, Neveah Limited, has redeemed its series 3 and 4 commercial papers at maturity, totalling N5.7bn.
According to a statement seen by BusinessDay, the series 3 commercial paper repayment, valued at approximately N3.6 billion, was issued on May 26, 2022, and was redeemed on February 20, 2023, while its N2.1 billion series 4 commercial paper was issued on June 1, 2022, continued to meet its short-term working capital requirements through the paper’s six-month tenure before its maturity on November 28, 2022.
The Chief Executive Officer and Founder of Neveah Limited, Ibidapo Lawal, said the company was committed to good corporate governance practices.
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He said, “We are glad to have the support of our financial and investment partners whose expertise and keen sense of good judgment keep us on the right track. In line with Neveah’s business goals, we will continue to strengthen our market position and corporate governance, as we seek to support job creation and industry growth in Nigeria. We will maintain the momentum around our commitments and maximise stakeholder investment.”
After bagging a ‘BBB-‘ rating by leading pan-African credit rating agency, Agusto & Co, Lawal said, “Our Agusto & Co credit rating strengthened and reaffirmed our stability to stakeholders. Alongside the commercial paper programme, it has contributed to expanding our capacity to meet critical business objectives and raise our global business profile. We are glad we can continue to keep our commitments to our stakeholders.”
The commodity trading company also registered its N10 billion commercial papers with approval from the FMDQ in 2021, which, according to the company, has provided alternative sources of funding for its short-to-mid-term objectives.