Afreximbank provides $81.9 million loan to Veenocks for Ogun tile factory expansion
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Nairametrics
Reported by Caleb Obiowo
Tue, 3 Nov 2026, 05:45
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Source Attribution: Nairametrics
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Afreximbank has provided an $81.9 million loan to Veenocks Limited to expand its porcelain tile manufacturing plant in Sagamu, Ogun State, in a project expected to increase annual production capacity threefold. “African Export-Import Bank (Afreximbank) has supported the development and expansion of Veenocks Limited’s porcelain tile manufacturing plant in Sagamu, Ogun State, Nigeria, through its Project Preparation Facility (PPF) and a US$81.9 million senior term loan.
Context & Background
✦The bank said the $2 million preparation facility had been fully repaid from the senior debt financing, making the funds available for other projects.
Key Figures & Named Entities
$81.9 million:Afreximbank has provided an $81.9 million loan to Veenocks Limited to expand its porcelain tile manufacturing plant in Sagamu, Ogun State, in a project expected to increase annual production capacity threefold.Monday:The African Export-Import Bank disclosed the financing in a statement on its website on Monday, November 2.$145 million:The expansion is estimated to cost $145 million and is expected to raise the factory’s annual output from 3.3 million to 9.9 million square metres.
Outlook & Next Steps
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Key Takeaways
Verified Extract
✦Afreximbank has provided an $81.9 million loan to Veenocks Limited to expand its porcelain tile manufacturing plant in Sagamu, Ogun State, in a project expected to increase annual production capacity threefold.
✦“African Export-Import Bank (Afreximbank) has supported the development and expansion of Veenocks Limited’s porcelain tile manufacturing plant in Sagamu, Ogun State, Nigeria, through its Project Preparation Facility (PPF) and a US$81.9 million senior term loan.
✦The bank said the $2 million preparation facility had been fully repaid from the senior debt financing, making the funds available for other projects.
Key Facts:$81.9 million: Afreximbank has provided an $81.9 million loan to Veenocks Limited to expand its porcelain tile manufacturing plant in Sagamu, Ogun State, in a project expected to increase annual production capacity threefold.Monday: The African Export-Import Bank disclosed the financing in a statement on its website on Monday, November 2.$145 million: The expansion is estimated to cost $145 million and is expected to raise the factory’s annual output from 3.3 million to 9.9 million square metres.2024: Nigerian startups seek better access to investors as funding reaches $635 millionSanwo-Olu challenges Nigerian banks to turn N4.65 trillion recapitalisation into jobsNIMC arrests illegal NIN enrolment operators in Abuja, seizes equipmentAfreximbank provides $81.9 million loan for tile factory The financing follows an earlier agreement between the bank and Veenocks in August 2024, when Afreximbank provided a $2 million Project Preparation Facility (PPF) to fund studies required to assess the project’s viability.
Editorial Excerpt
Afreximbank has provided an $81.9 million loan to Veenocks Limited to expand its porcelain tile manufacturing plant in Sagamu, Ogun State, in a project expected to increase annual production capacity threefold.
Frequently Asked Questions About This Story
What is the latest development regarding Federal Capital Territory?
Afreximbank has provided an $81.9 million loan to Veenocks Limited to expand its porcelain tile manufacturing plant in Sagamu, Ogun State, in a project expected to increase annual production capacity threefold.
Who are the key organizations or public figures mentioned?
“African Export-Import Bank (Afreximbank) has supported the development and expansion of Veenocks Limited’s porcelain tile manufacturing plant in Sagamu, Ogun State, Nigeria, through its Project Preparation Facility (PPF) and a US$81.9 million senior term loan.
What timeline or key figures were confirmed?
Afreximbank has provided an $81.9 million loan to Veenocks Limited to expand its porcelain tile manufacturing plant in Sagamu, Ogun State, in a project expected to increase annual production capacity threefold.
