Neveah Settles N20bn Commercial Paper

Neveah Limited, a leading Nigerian commodity trading company specialising in the export of solid minerals and agricultural products, has announced the redemption of its N1.9 billion Series 15 commercial paper notes, which were issued in November 2023.

 This marks the completion of the company’s N20 billion commercial paper programme (CPP).

Since its inception in 2014, Neveah has grown exponentially, with revenues increasing by over 858 percent from 2019 to 2023. The company, once a modest operation, has expanded into a key player in the export of high-quality solid minerals and agro-commodities.

To date, Neveah has successfully raised N25.51 billion through its Series 1-15 commercial paper issuances, all of which have been fully repaid. Speaking on the achievement, Mr. Ibidapo Lawal, Chief Executive Officer ( CEO) of Neveah, stated: “Neveah Limited began with a simple vision to responsibly trade indigenous products on a global scale. Despite the challenging economic climate, we have relied on the continued support of our investors in the CP market. Meeting our obligations is our way of showing good faith and reaffirming that investing in us is always a wise choice.”

Dr. Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Plc, which served as the Lead Arranger for Neveah’s commercial paper issuances, also commended the company’s commitment. He said: “Neveah has demonstrated unwavering dedication in utilising funds for its working capital needs while ensuring timely repayment to investors. United Capital is proud to have supported Neveah throughout its capital-raising journey.”

Neveah Limited, registered by the Nigerian Export Promotion Council, has carved a niche in the export of agricultural products such as split ginger, dried hibiscus flowers, cocoa beans, and gum Arabic. Additionally, the company exports solid minerals including tin ore, lead concentrate, zinc ore, columbite, and tantalite.

The company holds a long-term rating of BBB+ from DataPro Limited, reflecting its good credit quality and timely payment of financial commitments. With markets in Europe, North America, and Asia, Neveah exports to countries including Switzerland, Germany, Portugal, and Greece, reinforcing its position as a trusted global exporter.