Eight banks provide N15.5bn finance for 380km Abuja-Kaduna-Kano road construction
Heritage Bank Plc and seven other banks have provided a total of N15.5 billion to assist SCOA Nigeria Plc for the importation and supply of MAN Platform Trucks and equipment to Julius Berger Nigeria for construction of 380km Abuja-Kaduna-Kano roads and many others across the country.
Specifically, Heritage Bank availed SCOA Motors an Advance Payment Guarantee (APG) N4.64 billion for the project, the lender said in a press statement on Tuesday.
Other banks involved in the deal to complement the remaining balance are Zenith, Wema, UBA, Union, Unity, Coronation and Providus Banks.
Business Metrics learnt that the N15.5 billion sum total covers for 33 trucks and technological equipment. For the first phase during the ceremony, 16 of the trucks were handed over to Julius Berger and the second phase of delivering will be executed next month.
Commenting on the official handover ceremony of the trucks and Wirtgen equipment to Julius Berger Nigeria Plc for the 380km Abuja-Kaduna-Kano road construction, Ifie Sekibo, managing director and chief executive officer of Heritage Bank stated that the support efforts through project financing in the various sectors of the economy is one of the platforms that underscores our resolve and readiness to make a mark in the financial sector as a major pivot of socio-economic transformation of the country.
The regional head, Lagos Mainland Zone of Heritage Bank, Mother Dan-Egwu, who represented Sekibo, said the bank partnered to support SCOA Nigeria Plc for its long and outstanding presence in the automobile market, by retaining the cutting edge in their line of business.
Dan-Egwu disclosed that the Heritage Bank’s philosophy is to support businesses to grow in their discharge of duties; she was quoted as saying, “For us at Heritage Bank, our core business philosophy as a timeless wealth partner to our customers is captured in our mission to create, transfer and preserve wealth.”
According to her, the bank’s field of engagement of support has so far been diversified, covering economic sectors such as Micro, Small and Medium Enterprises (MSMEs), agriculture, entertainment and arts, education, oil and gas, aviation and haulage as well as the public sector.
Earlier in his address, the group managing director and CEO of SCOA, Dr. Massad Boulos commended Heritage Bank and the other banks’ roles, as the transactions were made possible through their solid partnership.
“I will also thank Heritage bank, their Directors, MD; Unity Bank and other senior bankers official & the entire team of banks, they’ve worked closely together with us on this project, same with Providus Bank, they all have worked together tirelessly for the success of this project,” he said.
According to him, this partnership is like no other considering the parties involved especially SCOA Motors and Julius Berger in the official hand over of state of the art modern trucks for use on the road constructions’ equipment for the execution of the biggest and the most significant project in Nigeria; the Abuja/Kaduna/Kano express way.
SCOA Motors Plc has been operating in the Nigeria Market since 1922. The company has over the years expanded from Automobiles to other lucrative ventures such as importation and assembling of Vehicles and Generating plants, Agriculture /Food processing.