FMDQ Exchange admits Neveah Limited N2.72 billion Series 1 commercial paper


As part of this commitment, the Quotes and Markets Committee of the board of directors of the FMDQ stock exchange approved the commercial paper (CP) listing of Neveah Limited of 2.72 billion naira as part of its program of naira 10.00 billion commercial paper issue on its platform.

The quick and effortless release of this CP is a testament to FMDQ Exchange’s unwavering commitment to the continued development of the Nigerian DCM.

Neveah Limited is a leading commodity trading company specializing in the export of solid minerals and agricultural products, and a registered exporter of agricultural products and minerals with the Nigerian Export Promotion Board.

Commenting on this milestone, Neveah Limited CEO Mr. Ibidapo Lawal said, “Neveah Limited is delighted to have been oversubscribed on its Series 1 CP issue under the N10.00 billion CP program. . This funding will allow us to meet export commitments to our international customers, which include some of the world’s largest commodity traders. We are excited about the opportunity to access an alternative source of funding to meet our short-term working capital needs and look forward to continuing our engagement with the capital markets in the future ”.

Also speaking on the transaction, Head of Capital Markets and Advisory, United Capital PLC, Mr. Babatunde Ajayi, said, “United Capital is delighted to have acted as sole sponsor and arranger for the first issue. of Neveah Limited Series 1 CP.

The United Capital Investment Banking team advised Neveah on the optimal structure with which to approach the markets, which led the company to raise 30.00% more than the planned sum of 2.00 billion naira. The success of this transaction underscores United Capital’s commitment to critical growth segments of the Nigerian economy, as we intend to harness our mid-market clients across the African continent into successful global leaders ” .

The Neveah CP, like all other securities listed, listed and traded on the FMDQ Exchange platform, will benefit from global visibility through the Exchange’s website and systems, transparency through its inclusion in the list. daily FMDQ quotes, governance and continuous disclosure of information to protect investors. interest, credible price formation, increased secondary market liquidity, among other benefits arising from its privileged admission to the FMDQ trading platform.


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