Commodity Trading Firm, Neveah Redeems N2.04bn Series 13 Commercial Paper
- Nigeria's commodity trading firm has redeemed its Series 13 Commercial paper
- The company revealed its revenue has grown by 445% between 2019 and present
- The Series 13 Commercial Paper is part of the company's effort to raise funds for expansion
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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 excellent progress as revenue has grown by 445% between 2019 and present – Q3 2023, as well as the expansion of its offerings from a small commodity trading operation to a full-fledged food and agribusiness encompassing semi-finished and consumer goods, commodities trading as well as logistics.
Source: UGC
Neveah pledges to outperform expectations
This exceptional growth facilitated the successful registration of an 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.
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Nairametrics reports that Ibidapo Lawal, the Chief Executive Officer of Neveah, stated, "Our objective is to be the foremost export company for solid minerals and agricultural products in Nigeria. This issuance will assist us in meeting our working capital requirements and further strengthening our capacity to realize our objectives. We appreciate all the parties involved in making this a success."
Company moves to fulfill obligations to stakeholders
The Managing Director of Investment Banking at United Capital Plc, Dr. Gbadebo
Adenrele stated that: "United Capital Plc is excited to have taken on the role of Lead.
Arranger in supporting Neveah Limited throughout its successful capital-raising and settling of N2.04 billion, which covers Series 13 of its N20 billion Commercial Paper Issuance Program.
This accomplishment reflects the company's dedication to realizing its strategic growth objectives, and we will persist in leveraging our extensive expertise and skills to facilitate Neveah and other small and medium-sized enterprises (SMEs) access to the capital markets for funding their growth and expansion strategies."
Neveah was awarded a long-term rating of BBB+ by DataPro Limited and Bbb- by 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 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 significant markets are in Europe, North America, and Asia. The company was recently awarded the 18th fastest-growing company in Africa by Financial Times UK.
Neveah Limited continues demonstrating creditworthiness and redeems Series 13 commercial paper issuance at maturity.
Neveah Limited redeems N2.04 billion Series 13 commercial paper issuance at maturity.
Neveah Limited Appoints Former United Capital Group Financial Controller, Akinsola Akinyemi, New CFO
Legit.ng reported that Neveah Limited, a leading commodity trading company, has announced the onboarding of its most recent Executive, Akinsola Akinyemi, as the Chief Financial Officer and Executive Director at Neveah Limited.
He is an experienced finance professional with over 12 years of experience in treasury management, regulatory reporting, financial accounting, performance management, tax planning, and management with reputable financial institutions in the Nigerian Financial Services Industry.
Akinyemi is highly skilled at identifying business growth opportunities and has supported prominent companies in achieving business expansion. He has an excellent track record of improving systems and processes
Source: Legit.ng
