Neveah Issues N3.99bn Series 5 Commercial Paper

A commodity trading company dealing in export of solid minerals and agricultural products,, Neveah Limited, has announced the completion of its N3.99bn Series 5 Commercial Paper Issuance.

The issuance received the approval of FMDQ Securities Exchange Limited and was subscribed to by investors including asset managers and trustees.

Chief Executive Officer of Neveah Ltd, Mr. Ibidapo Lawal, said the successful completion of the Series 5 Commercial Paper Issuance affirms to the Company’s strategic objective to evolve into a leading dealer and exporter of world-class quality solid minerals and agro-commodities to its clients while ensuring a transparent business approach.

The successful debt financing rounds, he said, came on the heels of ratings of A1 (short-term) and BBB (long-term) with a positive outlook retained from DataPro Ratings.

He said, “Our goal is to become the apex export firm for solid minerals and agro products in Nigeria. This issuance will help meet our working capital needs and further enhance our capacity to achieve our goals.”

Also, the Managing Director/CEO, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele, stated that the company was pleased to act as Lead Arranger to Neveah on its successful capital raising rounds, which support the Company’s strategic growth objectives and will continue to leverage on its deep knowledge of the capital markets to provide the right support for SMEs and mid-market businesses seeking to access funding.

Established in 2014 and registered by the Nigerian Export Promotion Council (NEPC) as an exporter of agro-commodities and solid minerals company, Neveah Limited services are centered around sourcing the finest solid minerals and agricultural products from the domestic market and exporting them to meet the demands of customers in the international markets

Its main minerals for exports are tin, columbite, lead, zinc, tantalite, and tungsten concentrates, while its main agricultural commodities for exports are dried split ginger, dried hibiscus flower, dried orange peels and sesame seed.