- Nestle Nigeria Plc recently commissioned a new water factory in Abaji Abuja over the weekend.
- The Factory was commissioned by President Buhari who was represented by the Vice President
- The Managing Director of Nestle, Mr Dharnesh Gordhon, said that the factory is the first major investment that have had in the North and the third in Nigeria.
- It is also viewed as the most modern water processing plant in Central and West Africa.
- The factory will produced bottled water and will be the second after their existing factory in Agbara Ogun State.
- According to reports, the loan used to build the factory was provided by the Bank of Industry which typically lends at a single digit interest rate. The loan is therefore guaranteed by FCMB
- In exchange for guaranteeing the loan, FCMB will earn fees on the transaction.
- By Guaranteeing the loan they carry a risk of paying Bank of Industry all or part of the loans that Nestle defaults on if any.
Abaji Water Factory: FCMB Guarantees Nestle’s N5.7 billion Loan
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