From Ahmed Idris Birnin Kebbi
Neveah Limited, an Abuja-based leading commodity trading company, dealing in the export of solid minerals and agricultural products, said it redeemed its obligation of the N2.04 billion Series 13 Commercial Paper (CP) notes issued in July.
A CP is a form of unsecured short-term debt security just like a promissory note or bonds, that enable corporate organisations to raise short-term funds from the capital market.
The maximum period for a CP is 270 days; thus, it is usually used to meet companies’ working capital needs.
This is contained in a statement signed by the Chief Executive Officer of the company, Mr Ibidapo Lawal on Tuesday in Abuja.
“Our objective is to be the foremost export company for Nigeria’s solid minerals and agricultural products in the country.
“This issuance will assist us in meeting our working capital requirements and further strengthen our capacity to realise our objectives.
“We extend our appreciation to all the parties involved in making this a success,” Lawal said.
Lawal further explained that Neveah aimed to continually improve its business processes, thereby delivering value to stakeholders, both internally and externally.
According to him, this is the 13th CP Neveah is coming to the market to raise funding and at maturity, it is obliged to redeem/pay investors who invested through the CP.
He said that Neveah’s major markets were in Europe, North America and Asia.
“The company was recently awarded the 18th fastest growing company in Africa by Financial Times UK.”(NAN)
