Home Commercial Neveah Limited Launches N10 Billion Commercial Paper

Neveah Limited Launches N10 Billion Commercial Paper

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Neveah Limited, an exporter of agricultural commodities and solid minerals, has announced the redemption of its N2.7 billion Series 1 Commercial Paper under its N10 billion First Commercial Paper.

The announcement was contained in a statement issued by the commodity exporting company.

Neveah also announced the renewal of its credit rating while explaining the successful repayment of its Series 1 Commercial Paper proceeds at maturity.

According to the report, “The Series 1 CP had a term of 180 days and matured on May 24, 2022. Institutional investors, primarily asset and fund managers, subscribed to the issue.

“This buyout demonstrates Neveah’s commitment to fulfilling its obligations while optimally utilizing proceeds for its short-term working capital needs.”

The statement further states that the company has renewed its credit rating report and has been granted a long-term investment rating of BBB and a short-term rating of A1 by Datapro.

The rating would be valid until May 2023 and was assigned due to Neveah’s revenue profile and strategic diversification of revenue streams.

What the company says

Commenting on the rating renewal, Chukwuemerie Kanu, Neveah Account Manager, said: “The rating showed the credibility of Neveah Limited in meeting its short and long term obligations. Neveah is a viable investment ground for investors, and we ensure that risks are minimized or even eliminated at all times.

What you should know

  • Neveah Limited is a leading commodity trading company located in Nigeria dealing in base metals, minor metals and agricultural commodities.
  • The company was established in 2014 with five operational offices in different states and its head office in Abuja, Nigeria.