Neveah Limited, a leading indigenous export company, on Wednesday, announced the upsize of its commercial paper programme from N10billion naira to N20billion naira by FMDQ Exchange.
The company has successfully issued and repaid a total ofN14.54 billion previous commercial papers issuances. Following the registration of its initial N10 billion commercial paper programme in 2021, the approval of this commercial paper programme upsize 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 fulfil increasing contractual obligations and fund its short-term working capital needs,” said Mr. Ibidapo Lawal, CEO and Founder of Neveah Limited.
The Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele stated that: “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 N20billion, which underpins the company’s strategic growth objectives. We 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 & 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 N15billion and has a standing history of successfully repaying all obligations when they are due without any case of default.
