Neveah Limited Redeems N2.9bn Commercial Paper Notes

Neveah Limited, a leading commodity trading company primarily engaged in the export of solid minerals and agricultural products, has announced the redemption of its obligation of the N2.923 billion Series seven, eight, and 11 commercial paper notes issued in February, May, and July of 2023, respectively.

Since its incorporation in 2014, Neveah Limited has experienced remarkable growth. Their revenue has significantly increased by over 847.8% from N2.0 billion in 2019. They have also expanded their offerings from a small commodity trading operation to a leading dealer and exporter of world-class quality solid minerals and agro-commodities, as well as 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.

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The Chief Executive Officer of Neveah, Mr. Ibidapo Lawal, expressed his optimism about Neveah’s recent achievement.

He stated, “We are steadfast in our pursuit to become the foremost indigenous export company for solid minerals and agricultural products in Nigeria. Neveah remains dedicated to fulfilling its obligations in a timely manner, showcasing our commitment to financial prudence and sustainable growth. Our gratitude extends to all the parties involved in making this endeavor a success.”

Additionally, the Managing Director of Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele, noted that United Capital Plc is thrilled to have assumed the responsibility of Lead Arranger while playing a crucial role in supporting Neveah Limited throughout its successful capital-raising and the settlement of N2.923 billion, Series 7, 8, and 11 Commercial Paper Issuance under its N20 billion Commercial Paper Issuance Program.

Adenrele noted that Neveah has continuously shown its commitment to utilizing funds from the capital markets to improve its revenue and profit. They have consistently demonstrated their competency in the export industry, and United Capital Plc will continue to use its in-depth knowledge of the capital markets to help Neveah and other SMEs and mid-market enterprises seeking access to funding.

Neveah Limited is a fast-growing commodities export company registered by the Nigerian Export Promotion, exporting commodities to Switzerland, Germany, the United States, Hong Kong, and China.

Neveah strategically sources quality agricultural commodities and solid minerals by working closely with selected suppliers. Neveah Limited aims to continually improve its business processes, in line with its vision to become a globally recognized and sought-after export company for agricultural commodities and minerals.