Two subsidiaries of Stanbic IBTC Holdings Plc- Stanbic IBTC Capital and Stanbic IBTC Bank have acted as the sole arranger and lender for a ₦6 billion medium term facility for Kellogg Tolaram Nigeria Limited.
The facility is to finance the construction of a new cereal manufacturing plant in the Lekki Free Trade Zone, Lagos.
Kellogg Tolaram Nigeria Limited is a joint venture between Kellogg Company of the United States of America and Tolaram Group. The factory, with capacity to produce 10,000 metric tonnes of cereals per year, was commissioned earlier this month with a mission to manufacture snacks and breakfast foods for the West African market.
Chairman, Kellogg Company, John Bryant, said the joint venture goes to demonstrate his company’s commitment to the Tolaram partnership as well as to Nigeria and the West African market.
He praised the Lagos State government and other stakeholders for the support that has been provided to Kellogg Tolaram Nigeria Limited.
Chairman, Tolaram Group, Mohan Vaswaniname, described the factory as an important milestone for the company as it will ensure that the globally popular Kellogg brand of cereal can now be enjoyed by the Nigerian consumers o n a much greater scale.
Chief Executive Officer, Stanbic IBTC Bank, Dr Demola Sogunle, said debt deal reinforces the group’s commitment to playing a pivotal role in developing the Nigerian economy, which is informed by the knowledge that manufacturing and infrastructure underpin socio-economic development.
“We are undoubtedly delighted to be associated with this historic project. Our facility to Kelloggs Tolaram Nigeria Limited is an opportunity that comes with great benefits, not just to the company but also to the Nigerian economy. Our involvement is yet another testament of our commitment to industrial development in Nigeria. We are particularly elated to be instrumental to a development that would significantly deepen the economy, and more importantly help to create job opportunities in the country,” Sogunle said.