Neveah Increases Commercial Paper Programme To N20bn

A leading indigenous export company, Neveah Limited has announced the upsize of its commercial paper programme from N10 billion to N20 billion by FMDQ Exchange, creating opportunities to support fast-paced business growth.

The managing director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele yesterday stated that the company has successfully issued and repaid a total of N14.54 billion previous commercial papers issuances. 

Adenrele said following the registration of its initial N10 billion commercial paper programme in 2021, the approval of this commercial paper programme by the FMDQ comes on the back of Neveah’s impressive business growth over the last few years. 

“This is a major milestone for our company, and we are extremely excited for the opportunities this upsize provides for our business growth as it strengthens the company’s capacity to fulfill increasing contractual obligations and fund its short-term working capital needs” says Mr. Ibidapo Lawal, CEO and Founder of Neveah Limited.

He said, United Capital Plc is pleased to have acted as Lead Arranger to Neveah Limited on its successful capital raising rounds and the recent programme upsize to 20 billion, which underpins the company’s strategic growth objectives.  

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He averred that the company will continue to leverage on our considerable knowledge of the capital markets to provide adequate support for Neveah as well as other SMEs and mid-market enterprises seeking to access funding.

“With BBB- and BBB ratings from Agusto and Co and DataPro, the company has demonstrated great financial strength which is as a result of the improvement in the operations of the company. 

The Company has raised about N15 billion and has a standing history of successfully repaying all obligations when they are due without any case of default,” he said.