Why we co-funded by multi-billion naira BUA Cement factory in Sokoto: Fidelity Bank

Posted by News Express | 24 July 2018 | 2,038 times

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Leading financial institution, Fidelity Bank’s involvement in the commissioned the new multi-billion naira BUA Cement Factory in Sokoto State is meant to further demonstrate the bank’s resolve to grow the country’s manufacturing sector. A top Fidelity Bank official, who disclosed this to News Express on Monday, noted that the project is the single largest private sector-led investment in North West Nigeria.

Vice President Yemi Osinbajo commissioned the new BUA Cement Factory located on Kalambaina Road in Sokoto on Tuesday, July 17, 2018. Co-funded by Fidelity Bank Plc, the project which commenced in 2015, has an installed capacity of 1.5 metric tonnes per annum and is valued at $350 million.

According to Osinbajo, the Muhammed Buhari-led administration has formulated and implemented numerous business-friendly policies aimed specifically at ensuring that every State in the country can compete favourably with its counterparts in Africa.

The newly commissioned plant will create at least 2,000 direct and 10,000 indirect jobs when fully operational, the Chairman of the Group, Abdulsamad Rabiu said at the event. Rabiu pointed out that the plant is equipped with ultra-modern facilities, which makes it possible to operate both on fuel and coal or mixed together, the plant also has the capacity to generate 35 megawatts of electricity which is beyond what Sokoto State requires on daily basis.

Fidelity Bank was represented at the event by the Directorate Head, Corporate Bank, Obaro Odeghe; Division Head Conglomerate, Bayo Ogunbiyi; and Ag. Head Construction Akachi Ikonne. Also present at the event were the Governor of Sokoto State, Gov. Aminu Tambuwal, Managing Directors of other Finance Institutions who are involved in the project, Traditional Rulers, Distributors of BUA Cement and Members of Sokoto State Government, etc.

Supporting the Economy: Photo shows, L-R: Ag Division Head, Construction and Infrastructure, Fidelity Bank Plc, Akachi Ikonne; Division Head, Conglomerates, Bayo Ogunbiyi; Executive Chairman, BUA Group, Alhaji Abdulsamad Rabiu; Head, Corporate Bank, Obaro Odeghe at the commissioning of BUA Multi-Billion Naira Cement Factory co-funded by Fidelity Bank in Sokoto.


Source: News Express

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