Finance

Zenith, Heritage, 6 others fund SCOA’s N15.5bn truck delivery

World Finance Awards: Zenith Bank wins best commercial bank

Specifically, Heritage Bank availed SCOA Motors an Advance Payment Guarantee (APG) N4.64 billion for the project. Whilst, other banks – Zenith, Wema, UBA, Union, Unity, Coronation and Providus Banks complemented the global total sum.

The sum total covers for 33 trucks and technological equipment. For the first phase during the ceremony, 16 of the trucks were handed over to Julius Berger and the second phase of delivery will be executed next month.

Commenting on the official handover ceremony of the state-of-the-art Man trucks and Wirtgen Equipment to Julius Berger Nigeria Plc, the managing director/chief executive officer of Heritage Bank Plc, Ifie Sekibo stated that “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 financial sector as a major pivot of socio-economic transformation of the country.”

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The regional head, Lagos Mainland zone of Heritage Bank, Mother Dan-Egwu, who represented Sekibo, said the bank partnered to support SCOA Nigeria Plc for its long and outstanding presence in the automobile market, by retaining the cutting edge in their line of business.

Dan-Egwu disclosed that the Heritage Bank’s philosophy is to support businesses to grow in their discharge of duties; she was quoted as saying, “For us at Heritage Bank, our core business philosophy as a timeless wealth partner to our customers is captured in our mission to create, transfer and preserve wealth.”

According to her, the bank’s field of engagement of support has so far been diversified, covering economic sectors such as Micro, Small and Medium Enterprises, agriculture, entertainment and arts, education, oil and gas, aviation and haulage as well as the public sector.

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Earlier in his address, the group managing director/chief executive officer of SCOA, Dr. Massad Boulos commended Heritage Bank and the other banks’ roles as the transactions were made possible through their solid partnership.

“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 like no other considering the parties involved especially SCOA Motors and Julius Berger in the official hand over of state of the art modern trucks for use on the road constructions’ equipment for the execution of the biggest and the most significant project in Nigeria; the Abuja-Kaduna-Kano express way.

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SCOA Motors Plc has been operating in the Nigeria Market since 1922. The company has over the years expanded from Automobiles to other lucrative ventures such as importation and assembling of Vehicles and Generating plants, Agriculture /Food processing.

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