Foreshore Waters gets N2.4bn BoI funding to support growth and expansion plans

Foreshore Waters Limited (FWL) has secured a N2.4 billion loan facility from the Bank of Industry (BOI) to support the company’s growth and expansion plans.

A statement quoted the company’s Director, Christiana Amida, as saying this while stressing that the facility will be utilised to further boost the company’s operational efficiency and expedite the delivery of some of its ongoing projects.

Speaking further on the development, Amida explained that the repayment of the loan facility is structured over a four-year tenor with a 6-month moratorium.

“We are very excited to embark on the partnership with the Bank of Industry. The facility would be invested in the acquisition and infusion of cutting-edge innovative solutions that will contribute significantly to the achievement of our growth projections. For us, this is the beginning of a long-term, mutually beneficial journey with BoI in our commitment to contributing our quota to the development of the Nigerian real estate sector and ultimately the economy,” she said.

She declared that Foreshore Waters is the fastest-growing independent luxury real estate company in Nigeria, providing innovative real estate solutions with numerous projects that redefine the concept of upscale contemporary living.

She described the company as the savvy investor’s choice that provides the perfect blend of luxury, elegance, and style with state-of-the-art architectural designs, remarkable estate features, scenic surroundings, and an unbeatable return on investment.

According to her, some of the company’s developments include the prestigious Riverside Apartments, the tallest building on Banana Island Road; Banana Island Paradise, an exclusive but affordable development in Banana Island; and Insignia, a first-class hotel styled residential development at Osborne 2, Ikoyi among others.

Also, BoI says it has provided over N100billion in funding for the development of the country’s health sector in the last five years.

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Managing director of the bank, Olukayode Pitan, disclosed this on Tuesday in Abuja at the ground-breaking event for the African Centre for Medical Excellence (AMCE).

The AMCE facility located along the Apo Mechanic-Kabusa road in Abuja is being developed by the African Export-Import Bank in partnership with Kings College Hospital, London; Bank of Industry; GE Health Care; Nigerian National Petroleum Company Ltd and the African Finance Corporation.

It will provide world-class care to both low and high-income patient groups across the continent.

Construction of the first phase of the Abuja AMCE is scheduled to be completed in 30 months.

The entire project will be implemented in four phases over a six-year period, starting off with a 170-bed specialist hospital before expanding to a 500-bed facility.

The AMCE plans to offer a full range of medical services, including diagnostics, treatment, nuclear medicine, surgery and post-surgical care, along with complementary specialist services covering oncology, haematological diseases (including sickle cell and blood cancers) and cardiovascular ailments.

Speaking on the project, Pitan said it was conceived as a result of the strategic alliance between African Export-Import Bank and Kings College Hospital London to develop medical centres of excellence across Africa.

He thanked President Muhammdu Buhari , for the support of his government in creating an enabling environment for the growth of the Bank of Industry and other similar institutions across Nigeria.

The president’s support, according to the BoI MD, has given the bank the capacity to take part in a transformational project such as this which is aligned to the bank’s mandate.

“We at the Bank of Industry are very excited to be part of this project which would focus on cardio-vascular cases and oncology not only here in Nigeria but in the entire West African sub-region.

“The coronavirus pandemic has taught us that we must build capacity to cover various aspects of healthcare within the country. This will save us at estimated $1bn annually on what we spent on medical tourism abroad. The health industry is one of the focus areas of the Bank of Industry because we believe that a healthy people will result in a healthy nation.

“Consequently, we have supported the sector with over N100billion in the last five year. On behalf of the investors in this project, Afreximbank, BoI, GE Health Care, NNPC, African Finance Corporation, we are pleased to be part of this transformational project that will literally transform the provision of health care services not only in Nigeria and in Africa.

“It is our hope that the dividend that will come from this project will not only be in terms of a healthy nation but the financial success of this project to enable us to support similar projects,” he said.

The president of Afreximbank, Prof Benedict Oramah, said the facility will also offer education and clinical research services with a view to building leading talent and becoming a top tier-level medical facility.

He said the Abuja AMCE will not only enhance access to healthcare services for 50,000 people every year, but also provide 3,000 jobs during its construction and operational phases.

In setting up the AMCE, he said Afreximbank aims to assist in the provision of quality healthcare, enhanced service offerings, training, expanded employment, conservation of foreign exchange in Africa and promotion of intra-African medical tourism.