Aduragbemi Omiyale
By Aduragbemi Omiyale
In order to meet its short-term working capital needs, Neveah Limited is planning to raise about N10 billion from the capital market through the sale of commercial papers to investors.
Already, the N10 billion commercial paper programme has been approved and registered on the FMDQ Securities Exchange, paving way for the issuance of the paper in series by the company.
Neveah is a company playing big in the commodities market in Nigeria. It deals in the export of solid minerals and agricultural products.
This is the first time the company is tapping into the capital market to source funds and this was buoyed by an investment-grade rating it obtained from Data Pro.
Business Post gathered through a statement from the firm that United Capital Plc acted as sponsor and sole arranger to the programme.
The commercial paper scheme will enable the firm to tap the Nigerian debt capital markets with the huge experience of United Capital in the ecosystem.
According to Neveah, the CP programme is in line with its strategic objective to evolve into a leading dealer and exporter of world-class quality commodities to its international clients, while maintaining the highest standards of corporate governance, in order to retain investor confidence.
“The programme registration represents a milestone in Neveah Limited’s strategic transformation plan.
“This opportunity to access an alternative source of funding will help to meet our short-term working capital needs,” the Chief Executive Officer of the organisation, Mr Ibidapo Lawal, stated.
Neveah is a registered exporter of agro-commodities and minerals with the Nigerian Export Promotion Council (NEPC).
