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Heritage Bank Invests $2bn In Project Financing

Heritage Bank says it has invested over $2bn in the equity and project financing market since its inception.
The lender said the amount was arranged through debt facilities as lead, sole financier or financial adviser.
According to the lender, the field of engagement has been diversified, covering economic sectors such as Micro, Small and Medium Enterprises, entertainment and arts, education, oil and gas, aviation and haulage as well as the public sector.
For instance, the bank said it had facilitated over $100m in funding for a variety of transactions in the film and entertainment industry from 2013 to date.
The statement said, “The innovative multi-billion naira MSME Investment Protection Fund, which is a non-collateralised funding option with embedded insurance to address the default risk inherent in the SME finance scheme, remains a strong differentiating indicator of our bank’s approach to the SME funding in the country.”
It gave some of projects as Forte Oil Plc’s acquisition of 100 brand new Mercedes Benz product delivery trucks for haulage, logistics and product transportation across the country; the project finance facility for the PIPP LVI GENCO to set up a 6.5MW captive power generating plant; and a 25km distribution network to power public utilities in Lekki, Victoria Island and Ikoyi. “We have financed similar and bigger projects in Port Harcourt and Abuja in deals worth several billions of naira in the last twelve months,” it added.
The Executive Director, Manila Banking, Heritage Bank, Mr. Niyi Adeseun, 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.
“Our support effort through project financing in the various sectors of the economy is one of the platforms that underscore our resolve and readiness to make a mark in the financial sector as a major pivot of socio-economic transformation of our country.”
He also said in the oil and gas industry, “our interventions span the downstream sector areas of product importation, supply, engineering and many more while we are also gradually getting really involved in the upstream. We have financed a few of such projects in Port Harcourt and we have a couple of them also in Abuja.”

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