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Abaji Water Factory: FCMB Guarantees Nestle’s N5.7 billion Loan

Nairametrics by Nairametrics
April 18, 2016
in Uncategorized
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  • 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.

     


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Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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