Neveah Limited, a commodity export and trading company in Nigeria, has redeemed its series three and four commercial papers at maturity.
The leading commodity trading company registered its N10b commercial papers with approval from the FMDQ in 2021, which, as with any organisation, has provided alternative sources of funding for its short-to-mid-term objectives.
The company, in a statement, said that the Series three commercial-paper repayment, valued at N3.6b, was issued on May 26, 2022. Following a tenure of nine months, the series three commercial paper was successfully redeemed, in line with its maturity on February 20,2023.
Delivering on its N2.1b series four commercial paper issued on June 1, 2022, Neveah said that it has continued to meet its short-term working capital requirements through the paper’s six-month tenure before its maturity on November 28, 2022.
As part of its N10b commercial paper programme, the redemption of the series three and four commercial paper reflect Neveah’s continued commitment to its business growth and financial obligations.
The Chief Executive Officer and founder of Neveah Limited, Ibidapo Lawal, highlighted the company’s commitment to good corporate governance practices, saying: “We are glad to have the support of our financial and investment partners whose expertise and keen sense of good judgment kept us on the right track. In line with Neveah’s business goals, we will continue to strengthen our market position and corporate governance, as we seek to support job creation and industry growth in Nigeria. We will maintain the momentum around our commitments and maximize stakeholder investment.”
The company was recently assigned a “BBB-” rating by leading Pan-African credit rating agency, Agusto & Co, as it proves to hold satisfactory financial conditions and meet obligations.
With good profitability metrics and minimal exposure to foreign exchange risks, Neveah Limited is evidenced to prioritise stakeholder interest and upholds strong management practices.
“Our Agusto & Co credit rating strengthened and reaffirmed our stability to stakeholders. Alongside the commercial paper programme, it has contributed to expanding our capacity to meet critical business objectives and raise our global business profile. We are glad we can continue to keep our commitments to our stakeholders,” Lawal said.
