Union Bank issue N3.7 billion to aid industries in Anambra state

By Yakubu LAAH investadvocate

Oct 15 2010 05.49 GMT

Lagos (investadvocate)-Union Bank of Nigeria Plc (UBN) has issued N3.7 billion finance facility to aid industries in Anambra, South Eastern State of Nigeria.


This was contained in a Statement dated Thursday October 14 2010 by Francis Barde, Principal Manager Corporate Affairs of the Bank and made available to investadvocate in Lagos Nigeria.


The Statement affirmed that fund was disbursed for the construction and equipping of Juhel Ultra-modern, Intravenous Drugs and Infusion Water Plant at Awka, and Innoson Vehicle Manufacturing Company at Nnewi, both in Anambra State. 


“This is through a combination of direct funds and guarantees” the Statement said.

The Statement further affirmed that with the success of the companies commissioned recently by Goodluck Jonathan, President of Nigeria Union Bank has pledged to continually support indigenous manufacturing companies with viable projects to realise their visions. 


“The Juhel Plant, the first of its kind in West Africa, is designed to produce intravenous injections, drips, injection water and table water among others with the objective of boosting national healthcare delivery” the Statement affirmed.

The Bank single handedly funded and equipped the complex with world class machineries primed to process the products with jet speed and precision.  “The machineries and products are of international standard and would be exported to neigbouring West African countries and the entire sub-saharan Africa” it said.


“The establishment of the company will help to reduce the nation’s dependence on other countries for these lines of products, thereby conserving the nation’s scarce foreign exchange” it said.

Also, the Bank had financed Innoson Vehicle Manufacturing Company Limited to the tune of N200 million based on its over two decades of relationship with Innoson Nigeria Limited, the parent company of the vehicle plant.

The company is designed to assemble buses, SUVs, cabins and delivery trucks, which would boost the nation’s transport system.  This would complement its importation of motor-cycle spare parts, plastics production, etc.

The Bank in the Statement confirmed that both companies are long standing, loyal and dependable customers whose businesses have been supported by it.


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