3 days Ago By Temitope Aina
Neveah Limited, a commodity trading company, has successfully raised N25.51bn through its Series 1-15 commercial paper issuances. In a statement made available to our correspondent on Monday, the company, which deals in solid minerals and agricultural products, stated that the funds would help address the company’s working capital needs.
It mentioned that its revenue surged by 858 per cent in four years. Speaking on the achievement, the Chief Executive Officer of Neveah, Ibidapo Lawal, stated, “Our journey began with the vision to trade Nigeria’s indigenous products on a global scale responsibly. The support we have received from investors in the CP market has been critical to our success.
Meeting our repayment obligations has always been a top priority, and it is our way of showing that we value their trust.” Related News Neveah appoints new CFO According to the firm, the N1.9bn Series 15 CP notes, issued in November last year, were recently redeemed, marking the latest in a string of successful issuances.
The Managing Director of Investment Banking at United Capital Plc, Gbadebo Adenrele, who served as lead arranger for the CP programme, commended Neveah’s approach. “Neveah has shown exemplary dedication to responsibly using the capital raised through these issuances. At United Capital Plc, we are proud to have supported Neveah in accessing the capital markets and ensuring successful repayments.
This speaks to their credibility and commitment,” he said..
