Neveah issues N5.7bn commercial papers

Neveah Limited, a commodities export company has issued N5.7 billion series three and four commercial papers under Its CP Programme.

Quotations of series three and series four CP Issuances were announced on the FMDQ exchange.

While United Capital acted as the Sole Arranger on the Commercial Paper Issuance Programme, Ava Trustees acted as Trustee to the transaction.

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According to the Chief Executive Officer, Mr Ibidapo Lawal, the issuance of the series is in line with the company’s strategic objective to evolve as a leading dealer and exporter of world-class quality agro-commodities and minerals 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, coupled with the strategic partnership and guidance of United Capital Plc.

“Neveah is delighted at the opportunity to access alternative funding to meet its short-term working capital requirements,” he said.

The Managing Director/CEO, Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele expressed that his firm is pleased to be the Sole Arranger on the transaction.

Neveah has been registered by the Nigerian Export Promotion Council (NEPC) since 2014 as an exporter of agro-commodities and solid minerals reaching markets in Switzerland, Germany, the United States, Hong Kong and China.