Monday, June 2, 2025
  • Share your story
  • About
  • Contact
Economy FootPrint
  • Home
  • News & Politics
  • Opinion
  • Finance & Economy
  • Aviation
  • Editorial
  • Transport & Blue Economy
  • Features | Analysis
  • Health | Environment
Economy FootPrint
Home Finance | Insurance | Pension

Afreximbank signs US$117M facility agreement to support development of Veenocks porcelain tiles Nigeria

EconomyFoot Print by EconomyFoot Print
August 15, 2024
in Finance | Insurance | Pension, News
Reading Time: 2 mins read
0
Trident OGX Congo secures US$300m Afreximbank facility to raise crude oil production
Share on FacebookShare on Twitter

African Export-Import Bank (Afreximbank) has signed a project preparation facility agreement with Veenocks Limited for the financing of the development of Veenocks’ porcelain tile manufacturing plant located in Sagamu, Ogun State, Nigeria.

The plant, to be operated as an indigenously owned state-of-the-art facility with an annual production capacity of 6.6 million square metres of floor and wall tiles, is expected to bring on stream assets with an estimated investment cost of US$117 million.

Related posts

Operation Whirlwind Strikes Smugglers, Auctions Seized PMS at Subsidised Rate

Operation Whirlwind Strikes Smugglers, Auctions Seized PMS at Subsidised Rate

June 1, 2025
How Support From Military High Command Help Troops To Tackle Lakurawa, bandits – Col Umar

How Support From Military High Command Help Troops To Tackle Lakurawa, bandits – Col Umar

June 1, 2025

Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, signed the facility agreement on behalf of Afreximbank while Mr. Adebisi Abidemi Adebutu, Ultimate Beneficial Owner of Veenocks Limited, signed for the company.

Under the terms of the facility agreement, the project preparation facility will be deployed during the pre-investment stage towards de-risking the project and rapidly advancing it to bankability, with the early-stage intervention sending a strong signal to the market about Afreximbank’s commitment to the project. In addition, Afreximbank will be appointed the Mandated Lead Arranger and will take the lead in syndicating the debt raise, with the ability to incorporate credit enhancements, if needed.

The project is expected to exploit and beneficiate Nigeria’s underutilised natural resources using clay to produce porcelain tiles for the domestic and international markets and will deploy proven technology to enable the country to exploit its natural resources at scale. In addition to creating over 700 job roles over its operational period, the project is expected to result in exports estimated at US$11.4 billion.

Commenting on the agreement, Mrs. Awani explained that the facility agreement reflected Afreximbank’s commitment to advancing impactful projects in Nigeria and beyond as well as its dedication to leveraging its diverse product suite to offer end-to-end solutions throughout the project finance value chain.

She added that the holistic approach reflected the Bank’s comparative advantages in supporting its member countries to implement projects efficiently and effectively and of its support for indigenous African investors establishing state-of-the-art manufacturing facilities.

Demand for tiles in Nigeria was estimated at 210 million square metres in 2023, with local production at 137 million square metres. The demand is projected to rise to 270 million square metres by 2027.

Mr. Adebisi Abidemi Adebutu, Group President of R28 Holdings, the parent company of Veenocks, stated, “We are thrilled to welcome Afreximbank as a key partner in Veenocks’ journey towards sustainable growth. Once fully implemented, our state-of-the-art factories will set a new benchmark for world-class facilities in Africa, showcasing our commitment to excellence and innovation. This strategic partnership with Afreximbank marks a significant milestone in Veenocks’ expansion plans, enabling the company to leverage the Bank’s expertise and resources to drive growth and development in the region. With this collaboration, Veenocks is poised to make a meaningful impact in the industry, fostering economic growth and creating opportunities for communities across Africa.

 

Previous Post

Troops Kill Terrorists, Recovers Firearms, Arrest Suspect

Next Post

Nigerian Troops Kill  147 Criminals, Arrest 381 Suspects In One Week – Says DHQ

Next Post

Nigerian Troops Kill  147 Criminals, Arrest 381 Suspects In One Week - Says DHQ

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Tinubu Suspends Minister Over Corruption Allegations

1 year ago

Transportation, a Critical Catalyst to Rapid Economic Development

3 years ago

FAAN, CBN Relocation: Operational or Ethnic Cleansing?

1 year ago

Africa Finance Corporation Leads up to €2 Billion Syndicated Facility in Largest Global Loan Syndication for Bank of Industry

6 months ago

FOLLOW US

  • 86.2k Followers

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

BROWSE BY TOPICS

2023 Benue Budget Abuja-Kaduna Rail Access Corporation Access pension airports concession Aviation Ayu Benue Budget Benue Community Buhari Business CBN Central Bank Dana Air Economy FGPL Herdsmen Herdsmen attacks insecurity insurance Maritime Min of Transport MSMEs NAICOM NCAA Nigeria Nigeria -Cameroon Border Post Nigeria Air NRac Onne Port ooh Orrom Ortom PDP PenCom pension Railway Sambo Jaji Transcorp Transcorp Group Transcorp Hotels Plc UBA Ukohol Wike Wildon Ideva

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Economy Footprint

The EconomyFootprint is published by Ideas Tent Communications Ltd®. All Rights Reserved.

Follow us on social media:

Recent News

  • Qatar Airways Dedicates Special UEFA Champions League Livery to Bring PSG Home
  • Operation Whirlwind Strikes Smugglers, Auctions Seized PMS at Subsidised Rate
  • How Support From Military High Command Help Troops To Tackle Lakurawa, bandits – Col Umar

Category

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Recent News

Qatar Airways Dedicates Special UEFA Champions League Livery to Bring PSG Home

Qatar Airways Dedicates Special UEFA Champions League Livery to Bring PSG Home

June 1, 2025
Operation Whirlwind Strikes Smugglers, Auctions Seized PMS at Subsidised Rate

Operation Whirlwind Strikes Smugglers, Auctions Seized PMS at Subsidised Rate

June 1, 2025
No Result
View All Result
  • Home
  • Politics
  • News
  • Sports
  • Opinion