N20bn Commercial Papers: Neveah Redeems N2.923bn

A leading trading company essentially dealing in exporting solid minerals and agricultural products, Neveah Limited has announced that it has redeemed N2.923 billion obligation of the Series 7, 8 and 11 commercial paper notes issued in February, May and July 2023, respectively.

The company, which has experienced remarkable growth since its incorporation in 2014 has significantly grown revenue by over 847.8 per cent from N2 billion in 2019 to over N16 billion has also expanded their operations from a small commodity trading entity to a leading dealer and exporter of world-class quality solid minerals and agro-commodities, as well as logistics.

In a statement, Neveah noted that the impressive growth led to the successful registration of a N20 billion Commercial Paper Programme in April 2023.

Shortly after, it raised N11.12 billion via its Series 6-15 Commercial Paper Issuance to meet working capital requirements.

The Chief Executive Officer of Neveah, Mr. Ibidapo Lawal expressed optimism about the company’s recent achievement. He said: “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 in a timely manner, showcasing our commitment to financial prudence and sustainable growth. Our gratitude extends to all the parties involved in making this endeavour a success.”

In his remarks, the Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele, stated: “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 capitalraising and the settlement of N2.923 billion, Series 7, 8 and 11 Commercial Paper Issuance under its N20 billion Commercial Paper Issuance Programme.”