Neveah issues ₦3.99bn Series 5 commercial paper
Neveah Limited, a leading commodity trading company essentially dealing in the export of solid minerals and agricultural products, has announced the completion of its Series 5 commercial paper issuance.
According to the trading company, the issuance was well received and subscribed to by a wide universe of investors, including asset managers and trustees.
In addition, it said the issuance received the approval of FMDQ Securities Exchange Limited.
In a statement issued, the organisation said the successful completion of the Series 5 Commercial Paper Issuance affirms Neveah’s strategic objective to evolve into a leading dealer and exporter of world-class quality solid minerals and agro-commodities to its clients while ensuring a transparent business approach.
The successful debt financing rounds came on the heels of ratings of A1 (short-term) and BBB (long-term) with a positive outlook retained by DataPro Ratings.
The Chief Executive Officer, Mr. Ibidapo Lawal expressed that “our goal is to become the apex export firm for solid minerals and agro products in Nigeria. The Series 5 issuance will help meet our working capital needs and further enhance our capacity to achieve our goals. Investors’ confidence in our business is our priority, as indicated by the timely repayment of our Series 1 and 2 CP in May 2022 and July 2022, respectively. We are grateful to all the parties who made this a success.”
The Managing Director and CEO, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele stated that “United Capital Plc is very pleased to have acted as Lead Arranger to Neveah on its successful capital raising rounds, which support the Company’s strategic growth objectives and will continue to leverage on its deep knowledge of the capital markets to provide the right support for Neveah going forward as well as other SMEs and mid-market businesses seeking to access funding.”
Neveah Limited is registered by the Nigerian Export Promotion Council (NEPC) as an exporter of agro-commodities and solid minerals. The company was established in 2014 and has its head office in Abuja and operational offices in five states.
The company’s services are centred on sourcing the finest solid minerals and agricultural products from the domestic market and exporting them to meet the demands of our customers in the international markets. Its main minerals for export are tin, columbite, lead, zinc, tantalite, and tungsten concentrates, while its main agricultural commodities for export are dried split ginger, dried hibiscus flower, dried orange peels, and sesame seed.
Neveah’s major markets are in Europe, North America, and Asia, where it exports commodities to Switzerland, Germany, the United States, Hong Kong, and China.