Neveah Limited, a commodities trading company, has successfully registered its new Commercial Paper (“CP”) worth N10 billion with the FMDQ Securities Exchange Limited.
According to a notice issued by the company and seen by Nairametrics, the commercial paper programme is in line with the company’s strategic objective to evolve into a leading dealer and exporter of world-class quality commodities to its numerous international clients, while maintaining the highest standards of corporate governance in order to retain investor confidence.
Commenting on the recent development, the Chief Executive Officer of the company, Mr Ibidapo Lawal, said: “The programme registration represents a milestone in Neveah Limited’s strategic transformation plan. This opportunity to access an alternative source of funding will help to meet our short-term working capital needs.”
On the other hand, the Head of Capital Markets & Advisory at United Capital, Babatunde Ajayi stated that “United Capital is delighted to act as Sponsor and Sole Arranger to the Programme. Neveah Limited is a registered exporter of agro-commodities and minerals with the Nigerian Export Promotion Council (NEPC) and the Company was able to attain an investment-grade rating from Data Pro, enabling its first entry into the Capital Markets. The approved CP Programme will enable Neveah to tap the Nigerian debt capital markets. Given the numerous opportunities in the agro-commodities and mineral space, United Capital is committed to the growth of the industry which is largely underdeveloped partially due to access to financing.”
Neveah Limited is a leading commodities trading company located in Nigeria which deals in Base Metals, Minor Metals and Agro Commodities. The company was established in 2014 with five operational offices in different states and her head office in Abuja, Nigeria.