Neveah issues its N8.9bn series 6-13 commercial paper

Bisola David
Bisola David
Neveah issues its N8.9bn series 6-13 commercial paper

Leading commodity trading firm Neveah has announced the successful conclusion of its Series 6-13 Commercial Paper Issuances, which raised a total of N8.9 billion.

The Nation reported that a wide spectrum of investors, including asset managers, insurance companies, PFAs, and trustees, responded favourably to the series 6-13 issuances and actively subscribed to them.

The FMDQ Securities Exchange Limited (referred to as “the Exchange”) also gave its approval to the issuance.

The Series 6-13 Commercial Paper Issuance’s successful conclusion confirms Neveah’s strategic goal to develop into a major dealer and exporter of premium solid minerals and agricultural products to its customers while upholding a transparent business philosophy.

Following ratings of A1 (short-term) and an enhanced rating of BBB+ (long-term) with a positive outlook from DataPro Ratings, successful debt financing rounds followed.

The CEO, Mr. Ibidapo Lawal, stated: “Our objective is to establish ourselves as Nigeria’s premier solid mineral and agricultural exporter. This offering will support our requirement for working capital and increase our ability to accomplish our objectives. We appreciate everyone who contributed to the success of this.

“United Capital Plc is pleased to act as Lead Arranger to Neveah on its successful capital raising rounds that support the Company’s strategic growth objectives and will continue to leverage our market expertise,” stated the managing director and chief executive officer of investment banking at United Capital Plc, Dr. Gbadebo Adenrele.

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