NEXIM bank rescues abandoned breweries with $10m loan in Umuahia

By Anayo Okoli

UMUAHIA—THE Nigerian Export Import Bank, NEXIM, has injected the sum of US$10.0 million for the restoration and rehabilitation of the long abandoned popular Golden Guinea Breweries Plc, Umuahia, Abia State.

The loan facility was obtained by  core investors, Pan Marine Investments Limited, under medium term, in its bid to revamp the business activities of the breweries.

The $10.0 million facility has a tenure of six years with 18 months moratorium on interest and 24 months on principal with an interest of 14% per annum.

The core investor said it intends to restructure and turn around the company’s misfortune through  technical partnership with Hormes GmbH of Germany who performed the technical review of the brewing assets.

Already, the refurbishing and modernization of the existing 600,000 hectoliter plant to one million hectoliter is about 98% completed even as other key components to the plant were upgraded accordingly.

To confirm the seriousness of work at the plant, the House of Representative Committee on Banking and Currency which oversights NEXIM Bank was at the Breweries last week to inspect progress of work so far.

Led by its chairman, Hon. Bethel Onyeriri, the committee members were satisfied with progress of work and commended the bank for coming up to save the company which would help to provide job to the people.

According to NEXIM’s Acting Mangaing Director, Bashir Wali, the bank decided to provide the loan facility because of the huge potentials of the breweries which has the capacity to generate projected direct and indirect employment of about 1200 and also has projected annual exports based on the company’s plan of averagely about $4.17m.

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