Neveah Limited, an indigenous export company, yesterday announced the upsize of its commercial paper programme from N10 billion to N20 billion by FMDQ Exchange.
The company has successfully issued and repaid N14.54 billion in previous commercial paper issuances.
Following the registration of its initial N10 billion commercial paper programme in 2021, the approval for this follows Neveah’s impressive business growth.
“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,” Founder and Chief Executive Officer, Mr. Ibidapo Lawal, said.
Managing Director of Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele, said his firm was pleased to have acted as Lead Arranger to Neveah on its successful capital raising rounds and the recent programme upsize to N20billion, which he said underpins the company’s strategic growth objectives.
“We will continue to leverage 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,” Adenrele said.
With BBB- and BBB ratings from Agusto & Co and DataPro, Neveah Limited has demonstrated great financial strength.
The company has raised about N15billion and has a standing history of successfully repaying all obligations when they are due.
Neveah is a leading indigenous export company in Nigeria that deals in agro commodities, base metals and minor metals.
The company exports to over 15 countries in Europe and Asia, with its major markets also spanning across North America.
Working closely with select suppliers for its materials, Neveah provides the best products at the most affordable prices to its global customers.
In 2022, Neveah Limited was awarded Sectoral Exporter of the Year by the Nigerian Export Promotion Council (NEPC).
Neveah was awarded as the 18th fastest-growing company in Africa by the Financial Times.