Neveah Limited Redeems N2.04bn Commercial Paper

Neveah Limited, a leading commodity trading company has announced the redemption of its obligation of the N2.04 billion Series 13 commercial paper notes issued in July 2023.

The Chief Executive Officer of Neveah, Mr. Ibidapo Lawal, stated that the objective of the company is to be the foremost export company for solid minerals and agricultural products in Nigeria, stressing that this issuance would assist in achieving that objective.

“This issuance will assist us in meeting our working capital requirements and further strengthening our capacity to realize our objectives. We extend our appreciation to all the parties involved in making this a success,” Lawal said.

According to him, the company has recorded significant transformation since incorporation in 2014 with revenue soaring by 445 per cent between 2019 and third quarter of 2023.

The growth, Lawal added has also seen to the expansion of Neveah's 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 exceptional growth the company explained, 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 Series 13 Commercial Paper Issuance to meet working capital requirements.

Meanwhile, the Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele said “United Capital Plc was excited to have taken on the role of Lead Arranger in supporting Neveah Limited throughout its successful capitalraise and the settlement of N2.04 billion.