Neveah Redeems N23.33bn Commercial Papers

Neveah Limited has redeemed its Series 1 to 5 commercial paper issuances valued at N23.33 billion under its N30 billion Commercial Paper Programme.

The company said the redemption covered five series: Series 1, N3.47 billion; Series 2, N8.28 billion; Series 3, N5.50 billion; Series 4, N4.49 billion; and Series 5, N1.60 billion.

The redemption, according to the company, reflects its commitment to meeting its financial obligations to investors and other stakeholders.

Neveah’s Managing Director, Ibidapo Lawal, said the repayment demonstrated the strength of the company’s business fundamentals, cash flow generation and financial management.

He thanked investors and business partners for their confidence in the company, adding that the development reinforced its credibility in Nigeria’s debt capital market.

“This milestone not only reinforces our credibility in the Nigerian debt capital market but also shows our commitment to maintaining the highest standards of corporate governance and financial responsibility,” Lawal said.

He added that the company would continue to pursue its long-term growth strategy and create sustainable value for stakeholders while contributing to Nigeria’s economic development.

The Managing Director of United Capital Investment Banking, Dr Gbadebo Adenrele, whose firm acted as lead arranger for the issuances, said the successful redemption underscored the importance of issuers meeting their commitments to investors.

He said a track record of honouring financial obligations helped companies build investor confidence and sustain access to the debt capital market.

“A market where investors have confidence in issuers is better positioned to channel capital to businesses that need it to grow,” Adenrele said, congratulating Neveah on redeeming all five series.

Since its establishment, Neveah Limited has built a strong reputation as a trusted participant in the commodities value chain, driven by operational excellence, innovation and a commitment to sustainable business practices.

The successful redemption of these issuances further strengthens the company’s track record in the capital markets and affirms its standing as a dependable issuer.

Neveah said it remains committed to leveraging strategic opportunities to drive growth, expand its market presence and deliver long-term value to shareholders, investors, customers and other stakeholders.

Neveah is a Nigerian-owned commodities export and manufacturing company involved in the sourcing, processing, manufacturing and export of agricultural commodities and metals. It serves local and international markets.