• Sunday, July 21, 2024
businessday logo

BusinessDay

Neveah issues N3.99bn Series 5 Commercial Paper

Neveah Limited secures N20bn in commercial papers

Neveah Limited, a leading commodity trading company essentially dealing in the export of solid minerals and agricultural products has completed its Series 5 Commercial Paper Issuance.

The issuance was well received and subscribed to by a wide universe of investors including asset managers and trustees. In addition, the issuance received the approval of FMDQ Securities Exchange Limited (the Exchange).

The successful completion of the Series 5 Commercial Paper Issuance affirms Neveah’s strategic objective to evolve into a leading dealer and exporter of world-class quality solid minerals and agro-commodities to its clients while ensuring a transparent business approach.

The successful debt financing rounds came on the heels of ratings of A1 (short-term) and BBB (long-term) with a positive outlook retained from DataPro Ratings.

Ibidapo Lawal, Chief Executive Officer, Neveah Limited expressed that “our goal is to become the apex export firm for solid minerals and agro products in Nigeria. This issuance will help meet our working capital needs and further enhance our capacity to achieve our goals. We are grateful to all the parties who made this a success.

Read also: Axxela retains “A-” credit rating by Agusto & Co

Gbadebo Adenrele, Managing Director/CEO, Investment Banking at United Capital Plc stated that “United Capital Plc is pleased to act as Lead Arranger to Neveah on its successful capital raising rounds which support the Company’s strategic growth objectives and will continue to leverage on its deep knowledge of the capital markets to provide the right support for SMEs and mid-market businesses seeking to access funding”

Neveah Limited is registered by the Nigerian Export Promotion Council (NEPC) as an exporter of agro-commodities and solid minerals. The company was established in 2014, and has its head office in Abuja and operational offices in five states.

The company’s services are centred around sourcing the finest solid minerals and agricultural products from the domestic market and exporting them to meet the demands of our customers in the international markets.

Our main minerals for exports are tin, columbite, lead, zinc, tantalite, and tungsten concentrates, while our main agricultural commodities for exports are dried split ginger, dried hibiscus flower, dried orange peels and sesame seed.

Neveah’s major markets are in Europe, North America and Asia, where we export commodities to Switzerland, Germany, The United States, Hong Kong and China.