Neveah Limited, a commodities export and trading company, has redeemed its Series 3 and Series 4 commercial papers at maturity, totaling N5.7 billion. The company’s statement, obtained by The , explains that the Series 3 paper, valued at approximately N3.6 billion, was issued on 26 May 2022 and redeemed on 20 February 2023. The N2.1 billion Series 4 paper, issued on 1 June 2022, was used to meet short‑term working‑capital needs during its six‑month tenure and matured on 28 November 2022.
Chief Executive Officer and Founder Mr. Ibidapo Lawal emphasized Neveah’s commitment to good corporate‑governance practices. He said, “We are glad to have the support of our financial and investment partners whose expertise and keen sense of good judgment keep us on the right track. In line with Neveah’s business goals, we will continue to strengthen our market position and corporate governance, as we seek to support job creation and industry growth in Nigeria. We will maintain the momentum around our commitments and maximise stakeholder investment.”
After receiving a “BBB‑” rating from the pan‑African credit‑rating agency Agusto & Co, Lawal added, “Our Agusto & Co credit rating strengthened and reaffirmed our stability to stakeholders. Alongside the commercial‑paper programme, it has contributed to expanding our capacity to meet critical business objectives and raise our global business profile. We are glad we can continue to keep our commitments to our stakeholders.”
The commodity‑trading firm also registered N10 billion in commercial papers with FMDQ approval in 2021, which, according to the company, has provided alternative sources of funding for its short‑to‑mid‑term objectives.
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