Connect with us

Hi, what are you looking for?

E-Financial

SCOA Boss Commends Unity Bank, Others for Facilitating Supply of N15.5b worth of Trucks, Equipment to Julius Berger 

Dr. Massad Boulos, Group Managing Director/Chief Executive Officer of SCOA Nigeria Plc, has commended Unity Bank Plc and other banks for facilitating a credit facility of N15.5 billion for the importation and supply of 33 MAN Platform Trucks and equipment to construction giant, Julius Berger Plc.

The equipment is to be deployed for the construction of the 380km Abuja-Kaduna-Kano roads.

“I commend Unity Bank, their MD and the members of the Executive Management; and the entire team of banks who have worked closely with us on this project,” he said.

Unity Bank advanced the largest sum of N4.24 billion for SCOA Equipment, which is a portion of the N17 billion total line of credit that the Bank extended to both SCOA Motors and SCOA Equipment.

The other seven Banks – Heritage, Zenith, Providus, Wema, UBA, Union and Coronation Merchant Banks – pulled the total sum to facilitate the equipment supply deal to be deployed for the construction of roads across the country.

Of the 33 trucks that the total sum covered, 16 trucks were delivered during the first phase and handed over to Julius Berger. The second phase, which will see to the delivery of the remaining 17 trucks will be executed next month.

Commenting during the official handover ceremony of the equipment to Julius Berger Nigeria Plc, Mrs. Tomi Somefun, Managing Director/CEO of Unity Bank Plc, stated that the involvement of Unity Bank in the project financing deal was in line with the Bank’s 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 Mr. Wale Ogunride, Directorate Head, Lagos and South West Zone, Unity Bank Plc.

Speaking further, Boulos stated at the handing over event that the partnership with Unity Bank and the other banks “is like no other considering the parties involved especially SCOA Nigeria and Julius Berger”.

 

 

L-R: Mr Babatunde Gbewesa, Business Manager Head Office Annex Branch, Unity Bank Plc; Mrs. A.I. Okereke, GM Finance, SCOA; Ms Chika Osuagwu, Relationship Manager, Unity Bank; Mr. Steve Olorunpomi, Head, Trade Services, Unity Bank; Dr. Massad Boulos, GMD/CEO, SCOA Group; Mr. Wale Ogunrinde Directorate Head, Lagos & South West Zone, Unity Bank; Mr. Emmanuel King, Head Correspondence Banking, Unity Bank; Ms. Chiaka Akujobi, Foreign Operations Department, Unity Bank at the handover ceremony of the trucks to Julius Berger in Lagos.

 

Click to comment

Leave a Reply

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

ad

You May Also Like

Tech

European Union has fined Meta nearly €800 million for violating antitrust laws by automatically granting Facebook users access to its classified ads service, Facebook...

Tech

In the lead up to Anambra Innovation Week 2024, in a landmark collaboration poised to position Anambra State as Africa’s Silicon Valley, the United...

Business

Commander Mitchell Ofoyeju, the Tincan Island Port Commander of the National Drug Law Enforcement Agency (NDLEA), has expressed his admiration for QNET for championing...

Security & Crime

The Honourable Minister of Defence H.E Mohammed Badaru Abubakar CON mni has called on the Nigerian Airforce to intensify the use of their various...