Business
Afreximbank approves $200m finance facility for BUA group
Africa Finance Corporation (AFC), has facilitated a landmark US$200 million corporate finance facility for the BUA Group.
The facility, provided to BUA Industries Limited by the African Export-Import Bank (Afreximbank), marks the second successful financial advisory mandate that AFC has closed for the BUA Group (BUA).
The financing, approved by Afreximbank in two tranches, supports BUA’s medium-term objectives by unlocking capital to pursue emerging market opportunities. The first tranche of US$150 million has been disbursed, enabling BUA to accelerate growth initiatives across its portfolio, which includes sugar and cement production, flour milling, oil processing, real estate development, oil and gas, shipping and ports.
AFC’s partnership with BUA has included its advisory role in the financing of BUA’s 20,000 hectares integrated sugarcane plantation and sugar production facility in Kwara State in 2021.
READ ALSO: Afreximbank finances Oando’s acquisition of NAOC
Group Executive Director at BUA Industries Limited, Kabiru Rabiu said: “This facility will enable us to pursue opportunities that are vital to the continued economic development of Nigeria and Africa as a whole, and that is a win for the entire nation and continent.”
In addition to advising on the BUA transaction, AFC has supported a diverse range of projects on the continent in recent years. This includes advising FGN Power Company Limited, the Nigerian government’s implementation vehicle for the Presidential Power Initiative (PPI), focused on improving power infrastructure in the country, and providing guidance to the International Finance Corporation (IFC) and the Nigerian Sovereign Investment Authority (NSIA) in developing sustainable, climate-positive financing solutions for Nigeria’s electricity distribution sector.
By Babajide Okeowo
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: In Sokoto, classrooms overtaken by goats, reptiles, as insecurity, lack of teachers, govt inaction push children out of school
SHEHU MUHAMMAD SHEHU reports on how insecurity, government inaction and lack of qualified teachers has significantly forced up the number...
INVESTIGATION: Abia residents in pains, as contractor abandons erosion control project after collecting N185m
Fresh from fashion school in 2022, Onuka Kalu planned to convert one of his father’s two shops, where he formerly...
Trump halts $50m Gaza aid, cites ‘condoms in Gaza’ claim
In a sweeping move to reassess U.S. foreign aid spending, President Donald Trump has frozen a $50 million assistance package...
INVESTIGATION: In Zamfara, forgotten Health Center throws community into health crisis
In the late evening of Friday, September 14, 2024, shortly after the Maghrib prayer, Bashir Muhammad, a 34-year-old father of...
INVESTIGATION: Insufficient teachers, learning materials worsen education access in Kwara communities
Qudus, a Junior Secondary School (JSS 2) pupil, would sit the Basic Education Certificate Examination (BECE) in a year to...