Neveah issues Series 6-13 commercial papers, raises N8.9bn
By Collins Yakubu-Hammer
Neveah Ltd, a leading commodity trading company, says it has completed issuance of Series 6-13 Commercial Paper, wherein a cumulative amount of N8.9 billion was raised.
This is contained in a statement signed by the Chief Executive Officer of Naveah, Mr Ibidapo Lawal on Wednesday in Abuja.
According to him the series were well received and subscribed to by a wide range of investors including asset managers, insurance companies, Pension Fund Administrators (PFAs) and trustees.
Lawal said that the issuance received the approval of FMDQ Securities Exchange Limited.
“The successful completion of the Series 6-13 Commercial Paper Issuance affirms Neveah’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 came on the heels of ratings of A1 (short-term) and an upgraded rating of BBB+ (long-term) with a positive outlook retained from DataPro Ratings.
“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. We are grateful to all the parties who made this a success,” Lawal said.
The statement also quoted the Managing Director/CEO, Investment Banking at United Capital Plc, Dr Gbadebo Adenrele, saying that “United Capital Plc is pleased to act as Lead Arranger to Neveah.
“We are also happy on Neveah’s successful capital raising rounds which support the Company’s strategic growth objectives.
“We will continue to leverage on our deep knowledge of the capital markets to provide the right support for SMEs and mid-market businesses seeking to access funding,” Adenrele said.
News Agency of Nigeria reports that Neveah Ltd is registered by the Nigerian Export Promotion Council (NEPC) as an exporter of agro-commodities and solid minerals.
The company’s services are centred around sourcing the finest solid minerals and agricultural products from the domestic market and exporting them to meet the demands of its customers in the international markets.
All these are meant to put Nigeria in the commodity global map to promote the country’s commodity and resources. (NAN)(www.nannews.ng)
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Edited by Uche Anunne
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