Promasidor Nigeria Limited (PNL) has secured a N5.6 billion facility from the Bank of Industry (BoI) to support its 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.

A statement quoted Kristensen to have stated that repayment of the loan was structured over a seven-year tenor, 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.

“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 statement added.

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

He said: “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.”

http://www.akelicious.net/2018/07/promasidor-secures-n56bn-boi-facility.html

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

This is good for them.

post=69739020:
Good for them

You're always everywhere. You dey use juju?

Hmmm

They have successfully chased their competition from the market... The rich will continue to get richer

pxjosh:
You're always everywhere. You dey use juju?

Maybe na prayer!
As we no believe in juju.
Chukwukadibia!

Is our baby taking more than pap now or still the same?!

This is good news for Promasidor . However, BOI should work on providing loans for small businesses and not giving loans to companies with foreign ownership.,

post=69740769:

Maybe na prayer!
As we no believe in juju.
Chukwukadibia!

Is our baby taking more than pap now or still the same?!

Which baby?

I need this kind loan for my life

post=69739020:
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

This is good for them.

You again? Them use nairaland swear for you?

Seems that tin above brain is paining him.

nkem12345:
This is good news for Promasidor . However, BOI should work on providing loans for small businesses and not giving loans to companies with foreign ownership.,

This is Nigeria.

Ok

But why is BOI lending Promisador money?

Na small or medium scale company?!!

Ok

[quote author=nkem12345 post=69740806]This is good news for Promasidor . However, BOI should work on providing loans for small businesses and not giving loans to companies with foreign ownership.,[/quot

BOI provides loan to MSMEs pls be informed..

DaV8King:
But why is BOI lending Promisador money?

Na small or medium scale company?!!

is BOI for only MSMEs?

TissuePaper:
They have successfully chased their competition from the market... The rich will continue to get richer

Actually the poor wants to remain poor, this is new monetary policy formulated by economic team. The loan was originally meant for Agriculture producers and small and medium scale enterprise at a very cheap interest rate far cheaper than commercial banks without collateral to boost small scale enterprise and stimulates the economy but unfortunatly people prefers talk more about politics, blame one president than know the available opportunity on ground. Therefore Economic policy team shifted the attention to large corporate organisation with good credit rating and strong balance sheet to take advantage of the loan with low interest rate using their goodwill has collateral.

At least if people can't get themselves employed and contribute to the growth of the economy by taking advantage of government monetery provisions, existing corporate organisation will do it and get the youth who only thinking is about politics employed.

OLUWANISH0LA:
is BOI for only MSMEs?

DaV8King:
But why is BOI lending Promisador money?

Na small or medium scale company?!!

Actually this is new policy, Youth are not taking advantages of SME and SMI loans, government needs to stimulates the economy by all means, therefore government have no choice than to open the window to corporate organisation with strong balance sheet.

Flye:


Actually the poor wants to remain poor, this is new monetary policy formulated by economic team. The loan was originally meant for Agriculture producers and small and medium scale enterprise at a very cheap interest rate far cheaper than commercial banks without collateral to boost small scale enterprise and stimulates the economy but unfortunatly people prefers talk more about politics, blame one president than know the available opportunity on ground. Therefore Economic policy team shifted the attention to large corporate organisation with good credit rating and strong balance sheet to take advantage of the loan with low interest rate using their goodwill has collateral.

I'll have to agree with you on this one... Also, one will notice that these small and medium scale enterprises lack innovation on how they can expand their revenue base, no new ideas and they do not have an articulate blueprint that will guarantee expansion and profit maximization. The rich will indeed only get richer.

Just take a look at Dangote.. the richest man in Africa but still has genius plans and ideas to expand his revenue base... And yes he has the resources to bring his ideas to reality.

Flye:


Actually the poor wants to remain poor, this is new monetary policy formulated by economic team. The loan was originally meant for Agriculture producers and small and medium scale enterprise at a very cheap interest rate far cheaper than commercial banks without collateral to boost small scale enterprise and stimulates the economy but unfortunatly people prefers talk more about politics, blame one president than know the available opportunity on ground. Therefore Economic policy team shifted the attention to large corporate organisation with good credit rating and strong balance sheet to take advantage of the loan with low interest rate using their goodwill has collateral.

At least if people can't get themselves employed and contribute to the growth of the economy by taking advantage of government monetery provisions, existing corporate organisation will do it and get the youth who only thinking is about politics employed.

ignorance is a disease like been said.. have u ever tried applying from boi... u def hate this country n everything... BOI will only grant loans to the padi padi ppl in their circles.. its just a waste of time trust me..

There is something fishy about this ..The BOI was set up to provide loans to upcoming Nigerian industries and not Foriegn owned behemoth like promasidor that has has many options available to it when it's comes to accessing capital ...Promasidor is only interested in the low interest rates of BOI loans which was only put there to encourage Nigerian SMEs industries... This will set a bad precedence as it will attract other established brand to start seeking BOI funds for their expansions as well thereby hampering the growth of upcoming SMEs which was what the bank was set up for in the first place.

Bank of industry now loaning money to multinational corporations?
And later they will employ foreigners in key positions leaving us with marketing and sales position.

Nigeria is making progress under PMB

"Industry" not your MSME people.

Hmm Interesting..

nkem12345:
This is good news for Promasidor . However, BOI should work on providing loans for small businesses and not giving loans to companies with foreign ownership.,

The YES-P participants can relate to this. It appears BOI isn't much interested in the start-ups

Two Third of this money will go to Ghana ooooooooooooooooooooooooooooooooooooo they will use it to sponsor social responsibility matter in Ghana Heyyyyyyyyyyyyyyyyyyyyy they will build schools, build hospital, build bustop stations. while Ghanaian eat Banku and less of there products like even Indomie While in Nigerian they give one car in a lottery for Christ sake. In fact they practically do nothing serious as a social responsibility to there customer base.

U hate the well being of Nigerians and you enjoy Nigerian Markets? I WONDER IF THIS WHAT THEY CALL FOREIGN INVESTOR

PROMASIDOR AND MTN IS THE same they leave there customer base Nigeria and use Nigerian money to develop Other countries and treat there customers well than in Nigeria. Nigerian Gov. should be have been smarter than all this waste. Give loans to small and medium scale enterprises to build Nigerians up. This guys will load the cash in a car and drive over the boarders.