BrandCrunch Nigeria

Top Menu

  • About BrandCrunch
  • AdCrunch
  • BC Scholars
  • Digital
  • Entrepreneurship
  • Experiential Articles
  • I Am Just Saying
  • Downloads
  • Jobs

Main Menu

  • Home
  • News
    • Top Stories
    • Agency News
    • Brand News
    • Events in Pictures
  • Business
  • Interviews
  • opinions
  • People
  • Brand Talk
  • Promotions
    • Consumerism
  • School4Scetptics
  • Sports Marketing
  • Marketing Et Cetera
  • The Art of Impact
  • About BrandCrunch
  • AdCrunch
  • BC Scholars
  • Digital
  • Entrepreneurship
  • Experiential Articles
  • I Am Just Saying
  • Downloads
  • Jobs

logo

Header Banner

BrandCrunch Nigeria

  • Home
  • News
    • Top Stories
    • Agency News
    • Brand News
    • Events in Pictures
  • Business
  • Interviews
  • opinions
  • People
  • Brand Talk
    • managers

      Experimental Advertisement, De- marketing and Matters Arising

      June 1, 2022
      0
    • Innovating on the go ...thinking without the box

      October 10, 2021
      0
    • Ahmed Musa

      Branding & Marketing Lessons from the Unveiling of Ahmed Musa Super Eagles ...

      May 3, 2021
      0
    • radio stations

      Cultural Relevance and Relatability in Advertising

      February 21, 2021
      0
    • AfCFTA , Africa Development and Governance in Africa - By Michael Umogun

      January 2, 2021
      0
    • Corporate governance

      Survival of MSMEs During Uncertain Climes: The Role of Corporate Governance

      July 27, 2020
      0
    • SACHET

      Welcome to the Year of the Sachet

      June 24, 2020
      0
    • partner

      Partner Mobile Unveils EV1 Smartphone, Supports 4G LTE, A I

      February 18, 2020
      0
    • brand success

      Brand Success in 2020

      January 31, 2020
      0
  • Promotions
    • Consumerism
  • School4Scetptics
  • Sports Marketing
  • Marketing Et Cetera
  • The Art of Impact
  • Old Brands Need to Stop Dyeing Their Hair

  • MTN Announces 2022 Edition of mPulse Spelling Bee Competition

  • MTN Partners SME Capacity Building Providers to Make Learning More Affordable

  • IYD 2022: 9mobile Advocates More Youth Representation in Society

  • Seven months of rewarding customers in the Stanbic IBTC Reward4Saving promo draws

  • Terra Academy for the Arts opens call for entries to empower over 65,600 Nigerian Youths

  • Coca-Cola kicks off Believe and Win Under the Crown Promo to excite consumers with over N400 million in rewards

  • Five Easy Ways To Vote For Your Favourite BBNaija Level Up Housemate

  • Alliance for Youth Nigeria Empowers Over 11,000 Young Nigerians in One Year

  • Old English Supermarket Opens New Outlet

Business
Home›Business›Promasidor Secures N5.6bn BoI Loan to Fund Expansion

Promasidor Secures N5.6bn BoI Loan to Fund Expansion

By Lekan Ajayi
July 31, 2018
1410
0
Share:
Promasidor Nigeria

Promasidor Nigeria Limited, a leading food company, has secured a N5.6 billion credit from the Bank of Industry (BoI) to support its aggressive expansion programmes.

PNL Finance Director, Mr. Per Kristensen, said the facility would be used for additional machinery, factory expansion and value chain development, which would create jobs for Nigerians and increase the company’s capacity to support the country’s economy.

Disclosing this in Lagos, Kristensen said repayment of the loan was structured over a seven-year tenure, including a 12-month moratorium. He added that the facility was a vote of confidence on the company’s untainted financial integrity, high credit rating and exceptional corporate governance practice.

He said: “The near single digit interest loan is guaranteed by First City Monument Bank Limited. You cannot compare this with any other commercial loans in the country. What this means is that Promasidor has the needed funds to pursue its growth in machinery, backward integration, production plants and create more jobs.”

“The loan comes with comfort because it is denominated in local currency. For the period of seven years, the only risk is the interest rate, which is minimal. We are going to repay in Naira and the process is very transparent. We are excited about the development. It will give us additional opportunity to contribute to the growth of the country’s economy.

“The business is expanding and we need a lot of capital to support that. The injection of the BoI facility gives the management the needed stability and relief to continue to pursue the expansion plans. A lot of expansion activities are ongoing at the factory, and we will continue to see more of that in the next 24 months.”

The Promasidor Head of Legal and Corporate Communications, Mr. Andrew Enahoro said the company and BoI had shared passion and interest in supporting job creation and the economic growth of the country.

He pointed out: “BoI’s interest is to support business expansion, stimulate jobs and create social values. These are fundamental to BoI’s support for any organisation. Promasidor, on its part, has plans to expand its different plants and develop other exciting products. These will create jobs.

“If we employ additional 500 people as a result of the credit, it is just the beginning of the impact it will create.”

He added that the company would have to look at other multiplier effects of its spending and that of the employees that would come on board on the economy as well as other indirect jobs that would be created.

“Nigeria’s economy will gain. We should not forget that lower interest rate translates to lower cost of production, higher profits and more taxes. Essentially, both Nigerians and the national economy will benefit immensely from this partnership. BoI is ready to work with us to grow the economy because it has confidence in our processes and corporate governance culture,” Enahoro further said.

Promasidor, makers of Cowbell Milk, Loya Milk, Top Tea, Onga and other quality products, has engaged in an extensive factory expansion in recent times while increasing its brand portfolio

Facebook Comments

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
TagsBank of IndustryPromasidor Nigeria
Previous Article

Nigerian Breweries Records N18 Billion Profit for ...

Next Article

SHOPRITE Nigeria announces Chef Eros as first ...

0
Shares
  • 0
  • +
  • 0

Related articles More from author

  • microcredit scheme
    BusinessPromotions

    Promasidor, CDC Unveil Microcredit for Parents of Children with Disabilities

    September 4, 2018
    By Lekan Ajayi
  • Bosch
    BusinessCSR

    Bosch Empowers Nigerian Artisans with Specialized Tool Kits

    November 28, 2017
    By Lekan Ajayi
  • Twisco-Chocolate_Promasidor
    BrandNews

    Promasidor Unveils Twisco Chocolate Drink, Tiwa Savage as Brand Ambassador

    October 11, 2020
    By O'Lekan Babatunde
  • Employees Safety
    BrandNews

    Promasidor Reaffirms Commitment to Employees Safety, Compliance to Regulations

    June 5, 2019
    By O'Lekan Babatunde
  • BusinessUncategorized

    Promasidor Signs Pact with Ekiti State on Ikun Dairy Farm

    July 26, 2019
    By Lekan Ajayi
  • Promasidor
    Promotions

    Promasidor Supports over 60 Families of Children with Disabilities

    March 2, 2019
    By Lekan Ajayi

Recent Stories

  • August 16, 2022

    Old Brands Need to Stop Dyeing Their Hair

  • August 15, 2022

    MTN Announces 2022 Edition of mPulse Spelling Bee Competition

  • August 15, 2022

    MTN Partners SME Capacity Building Providers to Make Learning More Affordable

  • August 15, 2022

    IYD 2022: 9mobile Advocates More Youth Representation in Society

  • August 15, 2022

    Seven months of rewarding customers in the Stanbic IBTC Reward4Saving promo draws

  • August 15, 2022

    Terra Academy for the Arts opens call for entries to empower over 65,600 Nigerian Youths

  • August 14, 2022

    Coca-Cola kicks off Believe and Win Under the Crown Promo to excite consumers with over N400 million in rewards

 

 

 

Sponsored Ad

http://www.consumersvalueawards.com

logo

BrandCrunch.com.ng is a revolution in reporting and analyzing brands & marketing, marketing communications’ activities, issues and allied subjects and the industry generally.

It is a solely web based platform that offers you news, features and up-to-date happenings in the industry real time, on-line, as they unfold.

Our Contact Details

14, Seriki Aro Avenue
Off Obafemi Awolowo Way,
Ikeja, Lagos, Nigeria
Tel: 234-1-803-348-7815
Inquiries: info@brandcrunch.com.ng
  • Recent

  • Popular

  • legacy

    Old Brands Need to Stop Dyeing Their Hair

    By Toheeb Dele-Balogun
    August 16, 2022
  • MTN Announces 2022 Edition of mPulse Spelling Bee Competition

    MTN Announces 2022 Edition of mPulse Spelling Bee Competition

    By BrandCrunchNG
    August 15, 2022
  • capacity

    MTN Partners SME Capacity Building Providers to Make Learning More Affordable

    By Lekan Ajayi
    August 15, 2022
  • 9mobile

    IYD 2022: 9mobile Advocates More Youth Representation in Society

    By BrandCrunchNG
    August 15, 2022
  • The Roadmap: How to Start and Plan a Digital Marketing Strategy

    By O'Lekan Babatunde
    September 27, 2017
  • 5Alive

    Coca-Cola Unveils Additional Variants to the 5Alive Family In Nigeria

    By Lekan Ajayi
    December 7, 2017
  • Heineken_phenomenal

    Heineken Ad Flops, Brand Accepts It Misses the Mark

    By O'Lekan Babatunde
    March 27, 2018
  • Etihad Aviation Group Names Tony Douglas as New CEO

    By Lekan Ajayi
    September 28, 2017

Follow us


Our investigations of different brands led us to a site called casinoexpressindia.com. This website has positioned itself as a solid and helpful platform for those interested in online casino India entertainment. They have created solid, and helpful content, intended to help out newcomers and experienced gamblers alike.

  • Home
© Copyright 2017 BrandCrunch.com.ng. All rights reserved.