Neveah redeems all series under its N20bn commercial paper programme

September 16, 2024 12:05 pm

Neveah Limited, a leading commodity trading company specialising in the export of solid minerals and agricultural products, has announced the redemption of its N1.9 billion series 15 commercial paper notes issued in November 2023.

In a statement on Monday, the company said its vision to trade indigenous products on global scale remains unmatched.

The company added that to date, it has successfully raised a cumulative total of N25.51 billion through its series 1-15 commercial paper issuances to address working capital needs, all of which have been entirely repaid.

Ibidapo Lawal, the chief executive officer of Neveah, said since the commencement of operations in 2014, Neveah has experienced remarkable growth, with revenues increasing by over 858% from 2019 to 2023.

He said the company has evolved from a small commodity trading operation into a leading dealer and exporter of high-quality solid minerals and agro-commodities.

“Neveah Limited started off with a simple vision to responsibly trade indigenous products on a global scale,” Lawal said.

“This has not always been easy, considering the trying economic times we find ourselves in, but we have always been able to count on the support of our investors in the CP market who have always given us a chance from the early days.

“Meeting our obligations by ensuring we repay as and when due is our way of showing good faith and sending the message that banking on us will always be a good choice.”

Gbadebo Adenrele, managing director of investment banking at United Capital Plc, said: “United Capital Plc is excited to have supported Neveah Limited as Lead Arranger on all its commercial paper issuances.

“Neveah has shown unwavering dedication to utilizing funds raised from the capital markets for its working capital needs and ensuring repayment to all investors. United Capital Plc will continue to leverage its in-depth knowledge of the capital markets to assist Neveah and other corporates access funding from the capital markets.”