A consortium of seven banks has executed 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 being handled by Julius Berger Nigeria Plc.
The first phase of the deal was executed last week when 16 trucks were handed over to Julius Berger, statements by the participating banks said.
Banks involved in the transaction are Unity, Heritage, Zenith, Providus, Wema, UBA, Union 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 N17 billion 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.
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.