Nigerian Firm, Neveah Redeems N2.923bn Series 7, 8 and 11 Commercial Paper Issuance
- One of Nigeria's commodity trading companies said it had redeemed its N2.92 billion Series 7,8 and 11 Commercial Paper Issuance
- Neveah Limited said it accomplished the deal to strengthen its operations in Nigeria
- The company said the commercial instruments have helped it accelerate its growth in many ways
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.
Neveah Limited, a leading commodity trading company that exports solid minerals and agricultural products, has announced the redemption of its obligation of the N2.923 billion Series 7, 8, and 11 commercial paper notes issued in February, May, and July of 2023, respectively.
The company has experienced remarkable growth since its incorporation in 2014, with its revenue growing significantly by over 847.8% from N2.0 billion in 2019.
Source: UGC
How Neveah emerged as one of the top export firms in Nigeria
It also expanded its offerings from a small commodity trading operation to a leading dealer and exporter of world-class quality solid minerals and agro-commodities and logistics.
This impressive growth led to the successful registration of an N20 billion Commercial Paper Programme in April 2023. Shortly after, the company raised N11.12 billion via its Series 6-15 Commercial Paper Issuance to meet working capital requirements.
Ibidapo Lawal, the Chief Executive Officer of Neveah, expressed his optimism about Neveah's recent achievement and stated that the company has become a foremost indigenous export firm for solid minerals and agricultural products in Nigeria.
He said:
"Neveah remains dedicated to fulfilling its obligations promptly, showcasing our commitment to financial prudence and sustainable growth. Our gratitude extends to all the parties involved in making this endeavour successful."
The Managing Director, Investment Banking at United Capital Plc,
Gbadebo Adenrele commended the company and said his firm is happy to partner with Neveah in raising the now hugely successful commercial instruments.
Nigerian company, Neveah ranks high in Financial Times Africa’s Fastest-Growing companies
Earlier, Legit.ng reported that 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.
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Source: Legit.ng
