Neveah Limited Redeems N5.7bn  Commercial Papers

Neveah Limited, a commodities export and trading company in Nigeria, has redeemed its series 3 and 4 commercial papers  (CP)at maturity. The leading commodity trading company registered its N10 billion CP with approval from the FMDQ in 2021, which, as with any organisation, has provided alternative sources of funding for its short-to-mid-term objectives.

The Series 3 CP repayment, valued at approximately N3.6 billion, was issued on May 26, 2022.  And after a tenure of nine months, it  was successfully redeemed, in line with its maturity on February 20,2023.  On the other hand, its N2.1 billion series 4 CP on June 1, 2022 with a maturity date of  November 28, 2022.

The redemption of the series 3 and 4 CP reflect Neveah’s continued commitment to its business growth and financial obligations.

Commenting, Chief Executive Officer (CEO) and Founder of Neveah Limited, Mr. Ibidapo Lawal, highlighted the company’s commitment to good corporate governance practices.

He said: “We are glad to have the support of our financial and investment partners whose expertise and keen sense of good judgment keep us on the right track. In line with Neveah’s business goals, we will continue to strengthen our market position and corporate governance, as we seek to support job creation and industry growth in Nigeria. We will maintain the momentum around our commitments and maximize stakeholder investment.” 

The company was recently assigned a “BBB-” rating by leading Pan-African credit rating agency, Agusto & Co, as it proves to hold satisfactory financial conditions and meet obligations. 

With good profitability metrics and minimal exposure to foreign exchange risks, Neveah Limited is evidenced to prioritize stakeholder-interest and uphold strong management practices.

“Our Agusto & Co credit rating strengthened and reaffirmed our stability to stakeholders. Alongside the commercial paper programme, it has contributed to expanding our capacity to meet critical business objectives and raise our global business profile. We are glad we can continue to keep our commitments to our stakeholders”, said Lawal added.