September 27, (THEWILL) – Unity Bank Plc is among the consortium of select banks to execute the funding of equipment for the construction of the 380km Abuja-Kaduna-Kano road project to the tune of N15.5 billion.
The facility is being extended to SCOA Nigeria Plc for the importation and supply of 33 trucks and equipment to be deployed for the construction of the roads by Julius Berger Nigeria Plc.
The first phase of the deal was executed this week when 16 trucks were handed over to Julius Berger, statements by the participating banks said
The other lenders involved in the transaction are Heritage Bank, Zenith Bank Plc, Providus Bank, Wema Bank, United Bank for Africa Plc, Union Bank Plc and Coronation Merchant Bank. According to details, Unity Bank Plc is the major financier with 27 per cent (or N4.24 billion) share of the total facility.
SCOA is exploring a total of N17billion credit line through its motor and equipment subsidiaries for the project.
The Group Managing Director/Chief Executive Officer of SCOA Nigeria, Dr Massad Boulos, commended Unity Bank Plc and other banks for extending the much-needed facility to enable it import and supply 33 MAN Platform trucks and equipment to Julius Berger.
“I commend Unity Bank, the managing director and members of the executive management; and the entire team of banks who have worked closely with us on this project,” he said in a statement.
Of the 33 trucks that the total sum covered, 16 were delivered during the first phase and handed over to Julius Berger. The second phase, which will involve the delivery of the remaining 17 trucks, will be executed next month, a statement by Unity Bank said.
Commenting during the official handover ceremony of the equipment to Julius Berger, the Managing Director/CEO of Unity Bank, Tomi Somefun, stated that the involvement of the bank in the project was in line with its strategic business objective to redistribute resources and channel funds to critical sectors of the economy.
“We looked at the strategic importance of this project and how such infrastructure could contribute to stimulating economic activity and decided that Unity Bank must play its part. Unity Bank will continue to provide support to such projects as we have been doing in other critical sectors of the economy such as agriculture,” said Somefun, who was represented at the ceremony by Directorate Head, Lagos and South-West Zone, Wale Ogunrinde.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
