Nigerian Export Company, Neveah Gets N20 Billion Upsize Commercial Paper Programme

Nigerian Export Company, Neveah Gets N20 Billion Upsize Commercial Paper Programme

  • Neveah Limited, a Nigerian export company, has secured an N20 billion Commercial Paper.
  • The program is an upsize from the N10 billion the firm got in the previous round
  • Neveah is an indigenous export company dealing with agro-products and minor metals

Neveah Limited, a leading indigenous export company, announced the upsize of its commercial paper programme from N10 billion naira to N20 billion naira by FMDQ Exchange, a financial market infrastructure.

The Company has successfully issued and repaid N14.54 billion in previous commercial papers issuances.

Neveah, Commercial Paper
Chief Executive Officer of Neveah, Ibidapo Lawal
Source: UGC

Nairametrics reports that following the registration of its initial N10 billion commercial paper programme in 2021, the approval of the current commercial paper programme upsizes by the FMDQ comes from Neveah’s impressive business growth over the last few years.

Firm buoyed by development to move forward

According to the Company’s CEO, Ibidapo Lawal, the feat is a significant milestone because of the opportunity the commercial paper affords to fulfill its obligations.

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He said:

“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 fulfill increasing contractual obligations and fund its short-term working capital needs.”

The Company’s Managing Director, Gbadebo Adenrele, said that United Capital is the Lead Arranger to Neveah and is pleased with the successful capital raising rounds and the programme upsize to N20 billion, which signifies the Company’s strategic growth objectives.]

Adenrele said:

“We will continue to leverage our considerable knowledge of the capital markets to provide adequate support for Neveah and other SMEs and mid-market enterprises seeking funding.”

With BBB-and BBB ratings from Agusto & Co and DataPro, the Company has demonstrated great financial strength, which is a result of the improvement in the operations of the Company. The Company has raised about N15 billion and has a standing history of successfully repaying all obligations when they are due without any case of default.

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The Company is a leading indigenous export company in Nigeria dealing with agro commodities, base metals, and minor metals. It exports to over 15 countries in Europe and Asia, with its significant markets spread across North America.

It works directly with select suppliers, providing quality products at the most affordable prices.

Nigerian company Neveah ranks high in financial times Africa’s fastest-growing companies

Legit.ng reported that the Financial Times, a leading world business newspaper and renowned digital publication, has released its annual ranking list of Africa's fastest-growing Companies.

The ranking listed Neveah Limited, an indigenous commodities export company, ahead of several top African brands. Neveah ranked high on the list of leading renowned companies like Julius Berger, Dangote PLC, MTN, Sterling Bank, and Flour Mills, amongst action was released on Tuesday, May 2, 2023.

The firm was ranked 18 on the list of FT/Statista 2023 Africa’s Fastest-growing Companies on the list. Known for commodities export, the organization prioritizes delivering quality products at great prices. According to Financial Times and Statista, the compound annual growth rate (CAGR) in revenue from 2018 to 2021 was a significant criterion for listing.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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