By Collins Yakubu-Hammer
Neveah Limited, an indigenous export company, has announced the redemption of its N2.923 billion Series 7, 8, and 11 commercial paper notes issued in February, May, and July 2023, respectively.
Mr Ibidapo Lawal, the Chief Executive Officer of the Abuja-based commodity trading company dealing in the export of solid minerals and agricultural products, shared this information with the News Agency of Nigeria (NAN) on Friday in Abuja.
A Commercial Paper (CP) serves as an unsecured short-term debt security, akin to a promissory note or bonds, enabling corporate organisations to raise short-term funds from the capital market.
The maximum period for a CP is 270 days, commonly used to meet companies’ working capital needs.
Lawal highlighted the significant growth Neveah has experienced since its incorporation in 2014, noting a revenue increase of over 847 per cent from N2.0 billion in 2019.
The company has expanded its offerings from a small commodity trading…
Source: News Agency of Nigeria
