A Nigerian export company, Neveah, has increased its commercial paper target to N20b (around $43 million).
Mr. Ibidapo Lawal, CEO and Founder of Neveah Limited confirmed the milestone in a statement on Wednesday.
Previous commercial papers issuances by the corporation totaled N14.54 billion and were successfully issued and repaid.
The FMDQ’s clearance of this commercial paper programme upsize follows the registration of its original N10 billion commercial paper programme in 2021 and after Neveah’s strong business expansion over the previous few years.
“This is a major milestone for our company, and we are extremely excited for the opportunities this upsize provides for our business growth as it strengthens the company’s capacity to fulfil increasing contractual obligations and fund its short-term working capital needs,” Lawal, said.
The Financial Times recently ranked the Nigerian-owned commodities export and trading company as the 18th fastest-growing company in Africa, in its FT/Statista 2023 Africa’s Fastest-growing companies’ list.
According to Financial Times and Statista, the compound annual growth rate in revenue from 2018 to 2021 was a major criterion for listing.