SCOA commends Unity Bank, others for facilitating N15.5bn equipment to Julius Berger, SCOA Nigeria

The Group Managing Director/Chief Executive Officer of SCOA Nigeria, Dr Massad Boulos, on Thursday commended Unity Bank and other banks for facilitating a credit facility of N15.5 billion to SCOA Nigeria and Julius Berger

Boulos, gave the commendation during an event to hand over of the equipment in Lagos.

According to him, the partnership with Unity Bank and other banks is like no other, considering the parties involved especially SCOA Nigeria and Julius Berger.

He said the credit facility of N15.5 billion was for the importation and supply of 33 MAN Platform Trucks and equipment to Julius Berger, to be deployed for the construction of the 380km Abuja-Kaduna-Kano roads.

“I commend Unity Bank, their MD and the 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, pooled the total sum to facilitate the equipment supply deal to be deployed for the construction of roads across the country.

Boulos said that 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 in October 2021.

The Managing Director/Chief Executive Officer of the Unity Bank, Mrs Tomi Somefun, also spoke during the official handover ceremony of the equipment to Julius Berger Nigeria.

She stated that the involvement of Unity Bank in the project financing deal was in line with its strategic business objective to redistribute resources and channel funds to critical sectors of the economy.

“We looked at the strategic importance of this project and how such infrastructure could contribute to stimulating economic activity and decided that Unity Bank must play its part.

“Unity Bank will continue to provide support to such projects as we have been doing in other critical sectors of the economy such as agriculture,” said Somefun.

Somefun was represented by Mr Wale Ogunride, Directorate Head, Lagos and South West Zone, Unity Bank.