Tech

Afreximbank seals $117m agreement to finance Veenocks Tiles Plant in Nigeria

Published

4 months ago

August 16, 2024

African Export-Import Bank (Afreximbank), has announced signing an agreement that will see it financing of the development of Veenocks’ Porcelain Tile Manufacturing Plant located in Sagamu, Ogun State, Nigeria.

According to a press statement by the bank, the tiles plant which is to be operated as an indigenously owned state-of-the-art facility with an annual production capacity of 6.6 million square metres of floor and wall tiles, is expected to bring on stream assets with an estimated investment cost of $117 million.

Executive Vice President of Intra-African Trade and Export Development Bank at Afreximbank, Mrs. Kanayo Awani, who signed the facility agreement on behalf of the financial institution, noted that under the terms of the facility agreement, “the project preparation facility will be deployed during the pre-investment stage towards de-risking the project and rapidly advancing it to bankability.”

“With the early-stage intervention sending a strong signal to the market about Afreximbank’s commitment to the project, Afreximbank will be appointed the Mandated Lead Arranger and will take the lead in syndicating the debt raise, with the ability to incorporate credit enhancements, if needed,” the statement said.

Awani explained further that the facility agreement reflected Afreximbank’s commitment to advancing impactful projects in Nigeria and beyond as well as its dedication to leveraging its diverse product suite to offer end-to-end solutions throughout the project finance value chain.

“The holistic approach reflects the Bank’s comparative advantages in supporting its member countries to implement projects efficiently and effectively and of its support for indigenous African investors establishing state-of-the-art manufacturing facilities.”

Adebisi Abidemi Adebutu, the
Chief Executive Officer of Group President of R28 Holdings, the parent company of Veenocks Tiles, also stated in a statement:

“We are thrilled to welcome Afreximbank as a key partner in Veenocks’ journey towards sustainable growth. Once fully implemented, our state-of-the-art factories will set a new benchmark for world-class facilities in Africa, showcasing our commitment to excellence and innovation.

“This strategic partnership with Afreximbank marks a significant milestone in Veenocks’ expansion plans, enabling the company to leverage the Bank’s expertise and resources to drive growth and development in the region.

“With this collaboration, Veenocks is poised to make a meaningful impact in the industry, fostering economic growth and creating opportunities for communities across Africa.”

Related Topics:Afreximbank Agreement Featured Investment Nigeria Veenocks Tiles

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Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

2 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.

Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

3 days ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation