• Tuesday, May 21, 2024
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BusinessDay

Neveah redeems N2.2bn Series 7,8,11 Commercial Paper issuance

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Neveah Limited, a commodity trading company with a focus on the export of solid minerals and agricultural products, has redeemed its obligation of the N2.923 billion Series 7, 8 and 11 Commercial Paper notes issued in February, May and July of 2023 respectively.

Neveah’s revenue has grown by over 847.8 percent from N2.0 billion in 2019, just as it has expanded its offerings from a small commodity trading operation to a major dealer and exporter of solid minerals and agro-commodities, as well as logistics.

This growth led it to successfully register the N20 billion Commercial Paper Programme in April 2023, after it raised N11.12 billion via its Series 6-15 Commercial Paper issuance to meet working capital requirements.

Ibidapo Lawal, chief executive officer, Neveah Limited, expressed optimism about the company’s growth: “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 on time, showcasing our commitment to financial prudence and sustainable growth. Our gratitude extends to all the parties involved in making this endeavour a success.”

Similarly, Gbadebo Adenrele, 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.

Adenrele praised Neveah’s commitment to utilising funds from the capital market 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.”