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Business News of Tuesday, 5 October 2021

Source: www.sunnewsonline.com

SCOA lauds Unity Bank, others for facilitating supply of N15.5bn trucks, equipment to Julius Berger

Unity Bank Plc Unity Bank Plc

The Group Managing Director/CEO of SCOA Nigeria Plc, Dr. Massad Boulos, 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, 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. 

Commenting during the official handover ceremony of the equipment to Julius Berger Nigeria Plc, the Managing Director/CEO of Unity Bank Plc, Mrs. Tomi Somefun, 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.