*Continues financial commitment under N10bn commercial paper program with investor-grade rating
Neveah Limited, a commodities export and trading company in Nigeria, has redeemed its series 3 and 4 commercial papers at maturity. The leading commodity trading company registered its N10 billion commercial papers 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.
This was contained in statement released by the company.
The Series 3 commercial-paper repayment, valued at approximately N3.6 billion, was issued on May 26, 2022. Following a tenure of nine months, the series 3 commercial paper was successfully redeemed, in line with its maturity on February 20, 2023.
Delivering on its N2.1 billion series 4 commercial paper issued on June 1, 2022, Neveah Limited continued to meet its short-term working capital requirements through the paper’s six-month tenure before its maturity on November 28, 2022.
As a part of its N10 billion commercial paper programme, the redemption of the series 3 and 4 commercial paper reflect Neveah’s continued commitment to its business growth and financial obligations.
CEO and Founder of Neveah Limited, Mr. Ibidapo Lawal, highlighted the company’s commitment to good corporate governance practices, saying:
“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 Mr. Ibidapo Lawal.