The Chief Executive Officer of Neveah Ltd, Mr Ibidapo Lawal, says the company has cleared all debts under its 20 billion naira commercial paper programme.
Lawal made this known in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.
According to him, the leading commodity trading company which specialises in the export of solid minerals and agriculture produce has also redeemed its N1.9 billion series 15 commercial paper notes issued in November 2023.
“Since commencement of operations in 2014, Neveah has experienced remarkable growth, with revenues increasing by over 858 per cent from 2019 to 2023.
“The company has evolved from a small commodity trading operation into a leading dealer and exporter of high-quality solid minerals and agro-commodities.
“To date, it has successfully raised a cumulative total of N25.51 billion through its Series 1-15 Commercial Paper Issuances to address working capital needs, all of which have been entirely repaid’’, he said.
According to him, the firm started with the vision to responsibly trade indigenous products on a global scale.
“This has not always been easy, considering the trying economic times we find ourselves in.
“However, we have always been able to count on the support of our investors in the CP market who have always given us a chance from the early days.
“Meeting our obligations by ensuring we repay as and when due is our way of showing good faith and sending the message that banking on us will always be a good choice,” Lawal said.
Also, the Managing Director, Investment Banking at United Capital Plc, Dr Gbadebo Adenrele told NAN that United Capital Plc is excited to partner with Neveah Limited as Lead Arranger on its commercial paper issuances.
“Neveah has shown unwavering dedication to utilising funds raised from the capital markets for its working capital needs and ensuring repayment to all investors.
“United Capital Plc will continue to leverage its in-depth knowledge of the capital markets to assist Neveah and other corporations access funding from the capital markets,” Adenrele said.
NAN reports that Neveah has been awarded a long-term rating of BBB+ by DataPro Limited reflecting its good credit quality and adequate capacity for timely payment of financial commitments.
These ratings also indicate fair financial strength, operating performance, and business profile compared to the standards established by the rating agencies.
Neveah exports to four continents, with major markets in Europe, North America, and Asia.
By Aderogba George, NEWS AGENCY OF NIGERIA