FMDQ Approves as Neveah Issues N8.9 Billion Series 6-13 Commercial Paper
- Neveah’s, one of Nigeria’s leading commodities trending firms has completed the issuance of its Commercial Paper
- The Company revealed that the issuance was approved by FMDQ and was well-subscribed
- According to the management of Neveah, the issuance would enable it achieve its set objectives
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Leading commodity trading company has announced the completion of its Series 6-13 Commercial Paper Issuances, wherein a cumulative amount of N8.9 billion was raised.
The Company said the series 6-13 issuances were well-received and subscribed to by many investors, including asset managers, insurance companies, PFAs, and trustees.
Source: UGC
FMDQ approves the N8.9 billion commercial paper
In addition, the issuance received the approval of FMDQ Securities Exchange Limited (“the Exchange”).
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The successful completion of the Series 6-13 Commercial Paper Issuance proves Neveah’s strategic objective to become a leading dealer and exporter of world-class quality solid minerals and agro commodities to its clients and ensure a transparent business approach.
The successful debt financing rounds came on the heels of ratings of A1 (short-term) and an upgraded BBB+ (long-term) rating with a positive outlook retained from DataPro Ratings.
Nairametrics reports that the Chief Executive Officer (CEO), Ibidapo Lawal expressed that the Company’s goal is to become the top export firm for solid minerals and agro products in Nigeria.
Company reveals issuance will help accelerate company operations
This issuance will help its working capital needs and further enhance the firm’s capacity to achieve its objectives.
Neveah Limited is registered by the Nigerian Export Promotion Council (NEPC) as an exporter of agro-commodities and solid minerals.
Nigerian company, Neveah ranks high in Financial Times Africa’s fastest-growing companies
Legit.ng the Financial Times, a leading world business newspaper and renowned digital publication, has released its annual ranking list of Africa's fastest-growing Companies.
The ranking listed Neveah Limited, an indigenous commodities export company, ahead of several top African brands. Neveah ranked high on the list of leading renowned companies like Julius Berger, Dangote PLC, MTN, Sterling Bank, and Flour Mills, amongst action was released on Tuesday, May 2, 2023.
The firm was ranked 18 on the list of FT/Statista 2023 Africa’s Fastest-growing Companies on the list. Known for commodities export, the organization prioritizes delivering quality products at great prices. According to Financial Times and Statista, the compound annual growth rate (CAGR) in revenue from 2018 to 2021 was a significant criterion for listing.
Source: Legit.ng
