Neveah Limited, a leading commodity trading company essentially dealing in the export of solid minerals and agricultural products, is pleased to announce the redemption of its obligation of the N2.04 billion Series 13 commercial paper notes issued in July 2023.
Neveah’s transformation since incorporation in 2014 has been marked by the superlative progress as revenue has grown by 445% between 2019 and present day – Q3 2023, as well as the expansion of its offerings from a small commodity trading operation to a fullfledged food and agribusiness encompassing semi-finished and consumer goods, commodities trading as well as logistics.
This exceptional growth 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.
Mr. Ibidapo Lawal, the Chief Executive Officer of Neveah, stated,
The Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele stated that:
Neveah was awarded a long-term rating of BBB+ by DataPro Limited and Bbbby Agusto & Co which reflects Neveah’s good credit quality and adequate capacity for timely payment of financial commitments.
In addition, the rating shows fair financial strength, operating performance, and business profile when compared to the standard established by the rating agency.
Neveah Limited aims to continually improve its business processes, thereby delivering value to stakeholders both internally and externally.
Neveah’s major markets are in Europe, North America and Asia, company was recently awarded the 18th fastest growing company in Africa by Financial Times UK.
– Neveah Limited continues to demonstrate credit worthiness, redeems Series 13
commercial paper issuance at maturity.
– Neveah Limited redeems N2.04 billion Series 13 commercial paper issuance at