Neveah Limited, an exporter of agro-commodities and solid minerals, has announced the redemption of its N2.7bn Series 1 Commercial Paper under its debut N10bn Commercial Paper. The announcement was contained in a statement the commodities exporting company released.

Neveah also made known the renewal of its credit rating while explaining the successful redemption of its Series 1 Commercial Paper proceeds at maturity. According to the report, "The Series 1 CP had a tenor of 180 days and matured on the 24th of May 2022. Institutional investors, majorly asset and fund managers, subscribed to the issue. 

"This redemption evidences Neveah's commitment to fulfilling its obligations while optimally utilizing proceeds for its short term working capital needs."

The statement said further that the company has renewed its credit rating report and was accorded a long-term investment grade rating of BBB and a short-term rating of A1 by Datapro. 

The rating is valid until May 2023 and was assigned due to Neveah's revenue profile and strategic diversification of income sources.

Commenting on the rating renewal, Chukwuemerie Kanu, Neveah's Head of Accounts, said: "the rating has shown the credibility of Neveah Limited in meeting its short and long-term obligations. Neveah is a viable investment ground for investors, and we are out to ensure that risks are minimized if not eliminated."