• Friday, March 01, 2024
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Neveah redeems N2.04bn Series 13 Commercial Paper

Neveah redeems N2.04bn Series 13 Commercial Paper

Neveah Limited, a commodity trading company dealing in the export of solid minerals and agricultural products, has announced the redemption of its obligation of the N2.04 billion Series 13 Commercial Paper issued in July 2023.

Read also: Neveah promotes Nigeria solid minerals at London Metal Exchange week

Neveah’s transformation has been marked by steady progress as revenue has grown by 445 percent between 2019 and Q3 2023. It also has expanded 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 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 Series13 Commercial Paper Issuance to meet working capital requirements.

Ibidapo Lawal, the CEO of Neveah, stated, “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.”

Read also: Neveah taps Akinyemi to head Group’s finance department

Also commenting, Gbadebo Adenrele, managing director, investment banking at United Capital, said: “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 Programme.