With the dearth of financing in the COVID-19 impacted sectors like hospitality, tourism and aviation, capital injection from strong financial institutions have proven to be the way to walk the tumultuous tide.
Kemi Adeoye, the chief financial officer (CFO) of Honeywell Group Limited, owners of the Radisson Blu Anchorage Hotel, has disclosed that its partnership with the Bank of Industry (BOI) has been rewarding and helpful in its sustainability and expansion plans.
Adeoye stated this during a monitored interview on BOI’s Impact series aired on Channels TV recently – a TV programme that spotlights beneficiaries of the bank’s intervention in different sectors, as well as the achievements borne out of these interventions.
“One of the critical challenges in the sector is access to long term financing. However, partnering with BOI, an institution that is willing to provide financing for expansion and diversification of projects that enhance the socio-economic condition of Nigerians, makes it easier to function and thrive as a business,” said Adeoye, stating that the Group approached BOI for financing for its renovation plans and the process was hassle-free. “They had a deep understanding of our business and its operations, and I would say that it has been an interesting journey”.
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According to Adeoye, Honeywell Group’s relationship with the Bank has been seamless because of the understanding BOI has shown towards the current realities of a sector in need of institutional funding and support to bounce back. “It has been a beneficial relationship and the Bank of Industry has proven to be a valuable business partner. The bank has supported us in building our brand as a foremost hospitality business”.
She posits that it is no news that the tourism sector globally could suffer four trillion dollars in losses due to COVID-19 restrictions. However, BOI’s capital infusion was pivotal in assisting Radisson Blu Anchorage’s move to sustainability. Accordingly, Adeoye states that BOI’s support protected the Group’s business from the harsh effects of the pandemic and has helped Honeywell maintain its staff strength to continue operations.
“If any entrepreneur or business owner is seeking long term finance, I would strongly recommend BOI. They will not only provide funding, but they will also invest in your business’ success and expansion plans,” said Adeoye, who thanked the financial institution for the extension of the moratorium on the funds following the uncertainties caused by the COVID-19 pandemic,” Adeoye stated.
