Zenith Bank Plc, Heritage Bank Plc, and six other banks have contributed a total of N15.5 billion to Julius Berger Nigeria for the importation and supply of MAN Platform Trucks and equipment for the construction of the 380-kilometre Abuja-Kaduna-Kano expressway and others across the country.
Heritage Bank provided SCOA Motors with an N4.64 billion Advance Payment Guarantee (APG) for the project. Other banks, including Zenith, Wema, UBA, Union, Unity, Coronation, and Providus Banks, contributed to the overall total.
The sum will purchase 33 trucks as well as technological equipment. During the ceremony, 16 trucks were handed over to Julius Berger for the first phase, and the second phase of delivery would take place next month.
Ifie Sekibo, managing director/chief executive officer of Heritage Bank Plc, commented on the official handover ceremony of the state-of-the-art Man trucks and Wirtgen Equipment to Julius Berger Nigeria Plc, saying, “the support effort through project financing in the various sectors of the economy is one of the platforms that underscores our resolve and readiness to make a mark in the fintech industry”.
Mother Dan-Egwu, the regional head of Heritage Bank’s Lagos Mainland zone, who represented Sekibo, said the bank cooperated with SCOA Nigeria Plc to support the company’s long and exceptional presence in the automobile market by staying on the cutting edge of their line of business.
Heritage Bank’s philosophy, according to Dan-Egwu, is to help businesses flourish in their obligations. She said, “For us at Heritage Bank, our basic business philosophy as a timeless wealth partner to our customers is captured in our purpose to build, transfer, and conserve wealth”.
According to her, the bank’s assistance field has been diverse thus far, encompassing economic sectors such as Micro, Small and Medium Enterprises, agriculture, entertainment and the arts, education, oil and gas, aviation and haulage, as well as the public sector.
Earlier in his speech, SCOA’s group managing director/chief executive officer, Dr Massad Boulos, praised Heritage Bank and the other institutions for their contributions in making the transactions possible.
“I will also thank Heritage bank, their Directors, MD; Unity Bank and other senior bankers official & the entire team of banks, they’ve worked closely together with us on this project, same with Providus Bank, they all have worked together tirelessly for the success of this project,” he said.
According to him, this partnership is unlike any other because of the parties involved, particularly SCOA Motors and Julius Berger, in the official handover of state-of-the-art modern trucks for use on road construction equipment for the execution of Nigeria’s largest and most important project, the Abuja-Kaduna-Kano expressway.
Since 1922, SCOA Motors Plc has been active in the Nigerian market. Over the years, the corporation has grown beyond automobiles to other lucrative ventures such as vehicle importation and assembly, power generation, and agriculture/food processing.