Neveah Limited, a leading commodity trading company specializing in the export of solid minerals and agricultural products, is pleased to announce the redemption of its N1.9 billion Series 15 commercial paper notes issued in November 2023.
Since commencement of operations in 2014, Neveah has experienced remarkable growth, with revenues increasing by over 858% from 2019 to 2023. The company has evolved from a small commodity trading operation into a leading dealer and exporter of high-quality solid minerals and agro-commodities. To date, Neveah Limited has successfully raised a cumulative total of N25.51 billion through its Series 1-15 Commercial Paper Issuances to address working capital needs, all of which have been entirely repaid.
Mr. Ibidapo Lawal, the Chief Executive Officer of Neveah, stated, "Neveah Limited started off with a simple vision to responsibly trade indigenous products on a global scale. This has not always been easy, considering the trying economic times we find ourselves in, but we have always been able to count on the support of our investors in the CP market who have always given us a chance from the early days. Meeting our obligations by ensuring we repay as and when due is our way of showing good faith and sending the message that banking on us will always be a good choice."
The Managing Director, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele stated that: "United Capital Plc is excited to have supported Neveah Limited as Lead Arranger on all its commercial paper issuances. Neveah has shown unwavering dedication to utilizing funds raised from the capital markets for its working capital needs and ensuring repayment to all investors. United Capital Plc will continue to leverage its in-depth knowledge of the capital markets to assist Neveah and other corporates access funding from the capital markets."
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ABOUT NEVEAH LIMITED
Neveah Limited is a fast-growing commodities and trading company registered by the Nigerian Export Promotion Council. Neveah exports agricultural products such as split ginger, dried hibiscus flowers, cocoa beans, and gum Arabic. Additionally, Neveah exports base metals and minor metals, including tin ore, lead concentrate, zinc ore, columbite, tantalite, and tungsten concentrate. Neveah strategically sources topnotch inputs by working closely with selected suppliers, continually improving its business processes to deliver value and trust to stakeholders both internally and externally.
Neveah has been awarded a long-term rating of BBB+ by DataPro Limited reflecting its good credit quality and adequate capacity for timely payment of financial commitments. These ratings also indicate fair financial strength, operating performance, and business profile compared to the standards established by the rating agencies.
Neveah Limited exports to four continents, with major markets in Europe, North America, and Asia, exporting commodities to Switzerland, Germany, Portugal, the Czech Republic, the Netherlands, Greece, and Poland.
