Neveah Limited, a leading indigenous export company, says it has redeemed its obligation of the N2.923 billion Series 7, 8 and 11 commercial paper notes issued in February, May and July, 2023 respectively.
Ibidapo Lawal, Chief Executive Officer of the Abuja-based commodity trading company, dealing in the export of solid minerals and agricultural products, told the News Agency of Nigeria (NAN) on Friday in Abuja.
A Commercial Paper (CP) is a form of unsecured short-term debt security just like a promissory note or bonds that enable corporate organisations to raise short-term funds from the capital market.
The maximum period for a CP is 270 days; thus, it is usually used to meet companies’ working capital needs.
According to Lawal, the organisation has experienced remarkable growth since its incorporation in 2014, adding that it revenue has grown significantly by over 847 per cent from N2.0 billion in 2019.
“We have also expanded our offerings from a small commodity trading operation to a leading dealer and exporter of world-class quality solid minerals and agro-commodities, as well as logistics.
“This led to registration of a N20 billion Commercial Paper Programme in April 2023. Shortly after, the company raised N11.1 billion via its Series 6-15 Commercial Paper Issuance to meet working capital requirements.
“We are steadfast in our pursuit to become the foremost indigenous export company for Nigerian solid minerals and agricultural products thus, promoting locally made product.
“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, ‘’ Lawal said.
According to the Neveah CEO, the Managing Director of Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele is thrilled to have assumed the responsibility of Lead Arranger for the company.
He added that United Capital played a crucial role in supporting Neveah all through its successful capital-raising and the settlement of N2.9 billion, Series 7, 8 and 11 Commercial Paper Issuance.
“Neveah has continuously shown its commitment to utilising funds from the capital markets to improve its revenue and profit.
“We have consistently demonstrated our 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 seeking to access funding,” he said.
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NAN reports that Neveah Limited is also a fast-growing commodities export company registered by the Nigerian Export Promotion Council to promote and exports Nigerian made commodities to Switzerland, Germany, the United States, Hong Kong, China and others.
Neveah strategically sources quality agricultural commodities and solid minerals by working closely with selected suppliers. (NAN)
