Infostride News is thrilled to report that Neveah Limited, a prominent commodity trading firm specializing in the export of solid minerals and agricultural products, has successfully redeemed its N2.04 billion Series 13 commercial paper notes issued in July 2023. This redemption represents a significant milestone in Neveah’s journey, highlighting its remarkable growth and evolution since its inception in 2014.
Since its establishment, Neveah has undergone a remarkable transformation, achieving impressive results in terms of revenue growth and diversification of its business operations. From 2019 to the present day, in Q3 2023, Neveah’s revenue has surged by a staggering 445%. This meteoric rise in revenue can be attributed to the company’s expansion from a small-scale commodity trading operation to a fully-fledged food and agribusiness entity. Neveah now encompasses a wide range of activities, including the production of semi-finished and consumer goods, commodities trading, and logistics services.
To support its growth and operational needs, Neveah successfully registered a N20 billion Commercial Paper Programme in April 2023. Shortly thereafter, the company issued N2.04 billion in Series 13 Commercial Paper to meet its working capital requirements. This strategic move underlines Neveah’s commitment to ensuring it has the necessary resources to achieve its objectives.
Ibidapo Lawal, the Chief Executive Officer of Neveah, expressed his enthusiasm for the successful redemption of the commercial paper notes, stating, “Our objective is to be the foremost export company for solid minerals and agricultural products in Nigeria. This issuance will assist us in meeting our working capital requirements and further strengthening our capacity to realize our objectives. We extend our appreciation to all the parties involved in making this a success.”
Dr. Gbadebo Adenrele, the Managing Director of Investment Banking at United Capital Plc, which served as the Lead Arranger in supporting Neveah Limited throughout the capital-raising process, also shared his thoughts on the achievement, saying, “United Capital Plc is excited to have taken on the role of Lead Arranger in supporting Neveah Limited throughout its successful capital-raising and the settlement of N2.04 billion, which covers Series 13 of its N20 billion Commercial Paper Issuance Program. This accomplishment reflects the company’s dedication to realizing its strategic growth objectives, and we will persist in leveraging our extensive expertise and skills to facilitate Neveah and other small and medium-sized enterprises (SMEs) in accessing the capital markets for funding their growth and expansion strategies.”
Neveah Limited has received favorable long-term ratings, with DataPro Limited and Agusto & Co assigning it a rating of BBB+ and Bbb, respectively. These ratings reflect Neveah’s strong credit quality and its ability to meet its financial obligations in a timely manner. The ratings also highlight the company’s sound financial strength, solid operating performance, and a robust business profile compared to industry standards.
One of Neveah’s key goals is to continuously enhance its business processes to provide value to stakeholders, both internally and externally. This commitment to excellence has helped Neveah establish a strong presence in major international markets, including Europe, North America, and Asia. In recognition of its rapid growth and business success, Neveah was recently honored as the 18th fastest-growing company in Africa by the Financial Times UK.
The partnership between Infostride News and Neveah Limited is built on a shared commitment to delivering high-quality news and information to our readers. We are excited to continue reporting on Neveah’s journey and its contributions to Nigeria’s economy and the global commodities and agribusiness sectors. As Neveah continues to achieve remarkable milestones, Infostride News will be there to provide comprehensive coverage of its endeavors.
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