Neveah Limited, a distinguished commodity trading company specializing in solid minerals and agricultural products, has successfully redeemed its N2.92bn Series 7, 8, and 11 commercial papers, which were issued between February and July 2023.
This strategic move reflects Neveah’s commitment to financial prudence and sustainable growth, reinforcing its position in Nigeria’s indigenous export sector.
In this piece, I’m going to cover the successful redemption of N2.92bn commercial papers by Neveah, showcasing financial prudence and sustainable growth.
Neveah Shows Prudent Financial Management by Redeeming N2.92 Billion in Commercial Papers
In a statement regarding the redemption of the commercial papers, Mr. Ibidapo Lawal, the Chief Executive Officer of Neveah, emphasized the company’s dedication to becoming the foremost indigenous export company for solid minerals and agricultural products in Nigeria.
Lawal highlighted Neveah’s steadfast commitment to fulfilling financial obligations promptly and expressed gratitude to all parties involved in the successful redemption.
Discussing the pivotal role played by United Capital Plc as the lead arranger, Dr. Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Plc, underscored the firm’s excitement in supporting Neveah throughout the capital-raising journey.
Adenrele acknowledged Neveah’s consistent commitment to utilizing capital market funds for revenue and profit enhancement and pledged continued support for Neveah and other enterprises seeking funding.
FAQs on Neveah’s Commercial Paper Redemption
1. Why did Neveah issue commercial papers?
– Neveah issued commercial papers to support its growth trajectory in solid minerals and agricultural products.
2. How much were the commercial papers redeemed for?
– Neveah successfully redeemed commercial papers worth N2.92 billion.
3. What is Neveah’s business focus?
– Neveah is dedicated to becoming the foremost indigenous export company for solid minerals and agricultural products in Nigeria.
4. What role did United Capital play in the redemption process?
– United Capital served as the lead arranger, playing a crucial role in supporting Neveah throughout the capital-raising and redemption process.
5. How has Neveah demonstrated financial prudence and sustainable growth?
– Neveah showcased financial prudence by fulfilling its obligations promptly, emphasizing its commitment to sustainable growth.
6. What is the significance of Neveah’s expansion since 2014?
– Since its incorporation in 2014, Neveah has evolved from a small commodity trading operation to a dealer and exporter of quality solid minerals, agro-commodities, and logistics services.
7. How much capital did Neveah raise through its Series 6-15 Commercial Paper Issuance?
– Neveah raised approximately N11.12 billion through its Series 6-15 Commercial Paper Issuance to meet working capital requirements.
8. Why did Neveah choose United Capital as the lead arranger?
– United Capital was chosen for its in-depth knowledge of the capital markets, aligning with Neveah’s goal of accessing funding for sustainable growth.
9. What is Neveah’s gratitude towards the parties involved in the redemption?
– Neveah expressed gratitude to all parties involved in making the commercial paper redemption a successful endeavor.
10. What is Neveah’s vision for the future?
– Neveah aims to maintain its position as the leading indigenous export company, continuously utilizing capital market funds for revenue and profit improvement.
In Summary
Neveah Limited’s successful redemption of N2.92 billion in commercial papers, coupled with its strategic vision and collaboration with United Capital Plc, exemplifies a story of financial prudence and sustainable growth.
As the company continues its journey in the export industry, it sets a precedent for other enterprises seeking funding for expansion and development.
Neveah’s commitment to fulfilling financial obligations and leveraging the capital market for strategic growth positions it as a notable player in Nigeria’s business hemisphere.
