Kasim Sumaina in Abuja
An indigenous firm, Neveah Limited, has announced the redemption of its obligation of the N2.923 billion in its latest Series 7, 8 and 11 commercial paper notes issuance.
The notes, issued in February, May and July of 2023 respectively, Neveah said shows remarkable improvement since its incorporation.
The Chief Executive Officer of Neveah, Mr Ibidapo Lawal, expressed optimism about Neveah’s recent achievement, stating: “We are steadfast in our pursuit to become the foremost indigenous export company for solid minerals and agricultural products in Nigeria.
“We have experienced remarkable growth since our incorporation in 2014, and our revenue has grown significantly by over 847.8% from N2.0 billion in 2019.”
According to Lawal, Neveah remains dedicated to fulfilling its obligations in a timely manner, and “showcasing our commitment to financial prudence and sustainable growth, our gratitude extends to all the parties involved in making this endeavour a success.”
He noted that the company had also expanded its offerings from a small commodity trading operation to a leading dealer and exporter of world-class quality solid minerals and agro-commodities, as well as logistics.
This impressive growth he explained, led to successfully registering of N20 billion Commercial Paper Programme in April 2023.
He further said: “Shortly after, the company raised N11.12 billion via its Series 6-15 Commercial Paper Issuance to meet working capital requirements.”
Similarly, the Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele, hinted that United Capital Plc was thrilled to have assumed the responsibility of Lead Arranger while playing a crucial role in supporting Neveah Limited all through its successful capital-raising and the settlement of N2.923 billion, Series 7, 8 and 11 Commercial Paper Issuance under its N20 billion Commercial Paper Issuance Program.
Adenrele opined that Neveah had continuously shown its commitment to utilising funds from the capital markets to improve its revenue and profit.
His words: “They have consistently demonstrated their competency in the export industry, and United Capital Plc will continue to use its in-depth knowledge of the capital markets to help Neveah and other SMEs and mid-market enterprises seeking to access funding.”
