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Neveah registers N10bn commercial paper at FMDQ

Neveah Limited, a leading commodities trading company, said it has successfully registered N10 billion Commercial Paper (CP) issuance with the FMDQ Securities Exchange Limited.

The company stated this in a press statement over the weekend in Lagos State.

Neveah which deals in the export of solid minerals and agricultural products, noted that the commercial paper programme is in line with the company’s strategic objective to evolve into a leading dealer and exporter of world-class quality commodities to its international client, while maintaining the highest standards of corporate governance, in order to retain investor confidence.

Ibidapo Lawal, chief executive officer, said the programme registration was a new chapter in the company’s history.

“The programme registration represents a milestone in Neveah Limited’s strategic transformation plan. This opportunity to access an alternative source of funding will help to meet our short-term working capital needs,” Lawal said.

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Babatunde Ajayi, Head, Capital Markets & Advisory at United Capital, stated that United Capital is delighted to act as sponsor and sole arranger to the Programme.

Neveah Limited is a registered exporter of agro-commodities and minerals with the Nigerian Export Promotion Council (NEPC),
the company was able to attain an investment-grade rating from Data Pro, enabling its first entry into the Capital Markets.

The approved CP Programme will enable Neveah to tap the Nigerian debt capital markets. Given the numerous opportunities in the agro-commodities and mineral space, United Capital is committed to the growth of the industry which is largely underdeveloped partially due to access to financing.

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