A commodity trading company, Neveah, has redeemed its obligation of N2.923 billion Series 7, 8 and 11 commercial paper notes issued in February, May and July.
The firm, which exports solid minerals and agricultural products, reported a revenue growth of 847.8 per cent from N2 billion in 2019.
Neveah has expanded from a small commodity trading to exporter of quality solid minerals and agro-commodities, as well as logistics.
The growth led to successful registration of a N20 billion Commercial Paper Programme in April.
Shortly after, the company raised N11.12 billion via its Series 6-15 Commercial Paper Issuance to meet working capital requirements.
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Chief Executive Officer, Ibidapo Lawal, said: “… Neveah remains dedicated to fulfilling its obligations, showcasing our commitment to financial prudence and sustainable growth.”
Managing Director of Investment Banking at United Capital, Dr. Gbadebo Adenrele, said “United Capital is thrilled to have assumed responsibility of Lead Arranger while supporting Neveah through its capital-raising and settlement of N2.923 billion, Series 7, 8 and 11 Commercial Paper Issuance under its N20 billion Commercial Paper Issuance Programme.
“Neveah has shown its commitment to utilising funds from capital markets to improve revenue and profit…’’
“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.”
Neveah Limited, a fast-growing commodities export company registered by the Nigerian Export Promotion, exports commodities to Switzerland, Germany, the United States, Hong Kong, and China.