Heritage Bank Finances over $2 Billion Loan Facilities Since Inception
Heritage Bank has revealed that it since its entry into Nigeria’s financial sector, it has played a leading role in the equity and project financing market.
According to the bank, it has arranged in excess of $2 billion of debt facilities, either as lead or sole financier or financial adviser.
The bank has used the sum of over $100 million to fund transactions in the film and entertainment industry from 2013 to date. Essentially, the funding went to Bloomberg TV Africa (the Pan African TV by Bloomberg LLP), Free-to-Air TV Broadcast Rights in Nigeria for the 2014 FIFA World Cup, HIP TV (a Pan African TV Music Channel broadcast on satellite TV which was funded from scratch) and a variety of other investments spanning content, platforms and production.
The Executive Director, Manila Banking, Niyi Adeseun, who spoke on the significance of Heritage Bank’s project finance initiatives, said: “For instance, 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 as well. We have financed a few of such projects in Port Harcourt and we have a couple of them also in Abuja.”
Some major financing projects of the bank comprised Forte Oil Plc’s acquisition of 100 brand new Mercedes Benz product delivery haulage trucks and similar projects in Port Harcourt and Abuja in deals worth several billions of Naira in the last twelve months, the bank said.
