N20b to support business growth

Neveah Ltd., a leading indigenous export company in Nigeria, has secured N20 billion to help in supporting business growth in the country, Mr Ibidapo Lawal, Chief Executive Officer (CEO), Neveah, said in a statement in Abuja on Wednesday.

He said Neveah announced the upsize of its commercial paper programme from N10 billion to N20 billion by Financial Markets Dealers Quotations (FMDQ) Exchange.

He said the company had successfully issued and repaid a total of N14.54 billion previous commercial paper issuance.

This, according to him, is sequel to the registration of its initial N10 billion commercial paper programme in 2021, adding that the approval of the commercial paper programme was upsized by FMDQ.

This, he said, came on the back of Neveah’s impressive business growth over the last few years, adding that it was a major milestone for the company.

He said the company was excited for the opportunities the upsize provided for its business growth as it strengthened the company’s capacity to fulfil increasing contractual obligations.

He further said it would also help in funding its short-term working capital needs.

The statement also quoted the Managing Director, Investment Banking at United Capital Plc, Dr Gbadebo Adenrele, to have congratulated Neveah on its achievements.

‘’United Capital Plc is pleased to have acted as Lead Arranger to Neveah Ltd on its successful capital raising rounds and the recent programme upsize to N20 billion.

This, he said, underpinned the company’s strategic growth objectives, adding that it would continue to leverage on its considerable knowledge of the capital markets.

He said this was to provide adequate support for Neveah as well as other SMEs and mid-market enterprises seeking to access funding.

He said with BBB- and BBB ratings from Agusto & Co and DataPro, the company had demonstrated great financial strength which was as a result of the improvement in the operations of the company.

According to him, the Company has raised about N15 billion and has a standing history of successfully repaying all obligations when they are due without any case of default.

The News Agency of Nigeria (NAN) reports that Neveah Ltd is a leading indigenous export company in Nigeria that deals in agro commodities, base metals and minor metals.

The company exports to over 15 countries in Europe and Asia, with its major markets also spanning across North America.