GTB 737 banner Yudala banner

NEXIM injects $10m to rehabilitate Golden Guinea Breweries

By Mayowa Okekale, Abuja on 20/04/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 685

•NEXIM Bank Acting MD Bashir Wali.
•NEXIM Bank Acting MD Bashir Wali.

The Nigeria Export Import Bank (NEXIM) says it has injected $10 million for the restoration and rehabilitation of the abandoned Golden Guinea Breweries Plc.

The loan facility was obtained by a core investor, Pan Marin Limited, in Umuahia, Abia State, with about 90% control for a medium term, in its bid to revamp the business activities of the breweries.

Mr. Bashir Wali, Acting Managing Director, NEXIM Bank, confirmed during a chat on Wednesday that the loan has a tenure of six years, 18 months moratorium on interest and 24 months on principal with an interest of 14% per annum.

Wali stated that the project has huge potentials to generate employment with projected direct and indirect employment of about 1,200; and projected annual exports based on the company’s plan put at about US$4.17m based on 30% performance of its export strategy.

The core investors are said to be planning to restructure and turn around the company’s misfortune through a technical partnership with Hormes GmbH of Germany who performed the technical review of the brewing assets.

The company was said to have executed a management and operating agreement with Brewtech Gmbh to manage the production process for an initial period of five years in the first instance from the commencement of operation but subject to renewal as may be mutually agreed by the parties and agreed upon for a further three years in each instance.

NEXIM bank had expressed its commitment to support local content initiative to generate employment that will improve Nigeria’s non-oil foreign exchange revenue.

Source News Express

Posted 20/04/2017 10:13:20 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Abducted House of Reps member regains freedom after...

Tribunal adjourns sitting on petition challenging David Mark’s...

Make or Mar: Nigeria, Egypt clash in must-win...

More heads roll at NHIS

We have proof that DEPUTY GOVERNOR STOLE N.4...

Breaking News: Troops wipe out ‘very large number’...

Rejection of Buhari’s anti-people policies by National Assembly...

Imo militants live up to threat, blow up...

Ex-Petroleum Minister Diezani Alison-Madueke charged to court in...

Bonga Oil Spill: Impacted communities in Delta, Bayelsa...

COREN set to secure international accreditation for Nigerian...

Igbo leaders seek audience with Donald Trump

 

Latest News 1,272 lawyers fail Nigerian Law School exam Director (Grade Level 16 Officer) commits suicide Gunmen kill 12 soldiers in daring attack on their base JAMB unleashes CCTV on exam cheats Bitcoin hits fresh all-time high of $6,000 Bayelsa Govt. endores Operation Crocodile Smile II, Army free medical service Buhari charges African leaders to speak with one voice Man City move 5 points clear at the top of EPL, Man Utd lose, Chelsea rally Militants slaughter Egyptian security forces in desert shoot-out Hong Kong Stock Exchange closes trading floor Join digitisation revolution or lose out, PR expert warns media players FG gets 14 days ultimatum to publish names of looters

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (287,759 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (270,438 views) Shameless Genevieve Nnaji exposes breasts in public (218,345 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (183,759 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (179,492 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (162,189 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (140,576 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (128,731 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (123,649 views) Lagos plane crash: Journalist releases victims’ names (114,189 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (112,164 views) APC cries foul as PDP’s Fayose takes early lead in Ekiti governorship election (104,533 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (30) Business (2,731) Business Verdict (24) Columnists (757) Complaints & Requests (93) Enterprise & Opportunities (183) Entertainment (396) Features (497) Global Business Monitor (187) International (1,584) Interviews (134) Live Commentary (28) Love Matters (79) News (29,509) Opinion (826) Pidgin (8) Politics (3,988) Religion (645) Sports (1,339) Stock Watch (23) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

#MonkeyPox outbreak

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!