AIICO Capital Limited (“AIICO Capital”) has announced the Series 3 and Series 4 Commercial Paper Offer by Neveah Limited (“Neveah” or the “Issuer”) of up to N7 billion under its N30 billion Commercial Paper Issuance Programme. The Offer remains open and is scheduled to close on Wednesday, 15 October 2025.
About Neveah Limited
Founded in 2014, Neveah Limited is a Nigerian commodities export company specializing in sourcing and exporting base metals, minor metals, and agricultural commodities. Headquartered in Abuja and operational across five offices throughout Nigeria, Neveah combines local market expertise with global networks to supply high‑quality raw materials to customers across Europe, North America, and Asia (presence in 15+ countries).
To deepen its value chain, Neveah has recently commissioned a state‑of‑the‑art aluminum and copper recycling plant, with an annual aluminum capacity of 36,000 metric tonnes and copper output at approximately 10% of that capacity. This backward integration both enhances value capture and aligns with global demand for low‑carbon, recycled inputs.
Use of Proceeds
Proceeds from this issuance will be deployed for short‑term working capital needs, including expanding procurement, optimizing logistics, and sustaining export capacity across metals and agricultural segments.
Credit Rating & Track Record
Neveah currently holds an investment-grade rating of “BBB+” from DataPro, reflecting robust risk management, stable liquidity, and consistent operational performance.
Under its prior ₦20 billion Commercial Paper Programme (registered on FMDQ in 2023), the company raised ₦29.76 billion across 17 series, of which ₦27.21 billion has already been fully repaid. Building on this, its new ₦30 billion CP programme has so far raised ₦9.56 billion from Series 1 and 2. This new Series 3 & 4 issuance continues that momentum.
Key Financial Highlights
| Company Metric | 31 Dec 2022 (₦’bn) | 31 Dec 2023 (₦’bn) | 31 Dec 2024 (₦’bn) | 30 June 2025 (₦’bn) |
| Revenue | 6.13 | 19.55 | 22.21 | 12.33 |
| Gross Profit | (1.64) | (4.75) | 1.30 | 2.86 |
| EBIT | 0.95 | 1.95 | 0.76 | 2.36 |
| Total Assets | 8.50 | 13.24 | 22.01 | 28.55 |
| Total Borrowings | 5.93 | 12.26 | 15.18 | 19.78 |
| Total Equity | 0.91 | 3.31 | 3.80 | 7.26 |
Transaction Overview
Issuer: Neveah Limited
Arranger: AIICO Capital Limited
Programme Size: ₦30 billion
Issue Size: Up to ₦7 billion
Series 3 (270 days) | Series 4 (361 days)
Implied Yields: 24.00% and 25.00%
Offer Opens: 8 October 2025 | Closes: 15 October 2025
Settlement Date: 16 October 2025
Maturity Dates: 13 July 2026 and 12 October 2026
Issuer Rating: BBB+ (DataPro)
Minimum Subscription: ₦5,000,000 (multiples of ₦1,000 thereafter)
Investor Eligibility: Qualified Institutional Investors (QIIs)
Contact & Inquiries
Uchenna Nwoye – +234 704 647 3044 | unwoye@aiicocapital.com
Damilola Bamgbose – +234 803 257 0963 | dbamgbose@aiicocapital.com