Zenith Bank to Give Akwa Ibom N4.7bn Loan for Auto Plant
By Aduragbemi Omiyale
The government of Akwa Ibom State is planning to obtain a loan of N4.7 billion from Zenith Bank Plc for the establishment of Mimshac Automobile Assembly Plant.
The auto plant is to be located in Ikot Ukap, Itu Local Government Area of the state.
Governor Udom Emmanuel, a former director at Zenith Bank, approached the Akwa Ibom State House of Assembly for approval of the credit facility.
Mr Emmanuel, in a message forwarded to the Speaker of the House, Mr Aniekan Bassey, and read by the Clerk, Mrs Mandu Umoren, at plenary on Tuesday, explained that the loan will aid the implementation of the Memorandum of Understanding (MoU) between the Akwa Ibom State Government and Mimshac Digital Ltd Automobile Plant for the sum of $10 million (about N4.7 billion at the exchange rate of N470/$1.
According to the Governor, the said amount from Zenith Bank will help “finance the procurement of Semi Knocked Down and Complete Knocked Down (CKD) parts for the assembling of 85 stainless steel, 20-seater luxury buses.”
He further explained that the money will also facilitate the training of 20 persons recommended by the state government on the assemblage and manufacturing of vehicles in Israel.
In a statement posted on its Facebook page on Thursday, the Akwa Ibom House of Assembly said the loan request was supported by lawmakers, who said it would boost the economy of the state and create more jobs for the teeming unemployed youths.
The lawmakers assured that the House will continue to support Governor Emmanuel in his quest to leave the state better than he met it.
The Speaker, while speaking after the loan request approval, directed the Clerk to communicate the resolution of the parliament to Mr Emmanuel.
Entries Open for Second ALAT Food Challenge
By Aduragbemi Omiyale
Food lovers in Nigeria now have the opportunity to apply for the second edition of the ALAT Food Challenge sponsored by Wema Bank Plc.
According to the Head of Marketing Communications and Investor Relations at Wema Bank, Ms Funmilayo Falola, the company’s drive-in organising another edition of the ALAT Food Challenge was to “lift the spirits of Nigerians, especially following a difficult year.”
“It was exciting to see how Nigerians reacted to the first contest and we hope that we can replicate that joy on a much bigger scale with this edition,” she added.
On Monday, January 17, 2022, ALAT by Wema confirmed that the challenge will even improve on the successes of the previous edition and will leverage the excitement of the new year season.
The challenge will give young Nigerians another opportunity to express their excitement following an eventful year. The partnership with popular social media food influencer, Ayo the creator of the food eating show – Nigerians vs Food, will continue this season.
This challenge, which will feature two episodes, is open to all interested persons between the ages of 18 to 35 and requires all challengers to sign up on the ALAT app (via Play Store or App Store) using the referral code ‘FOOD’. Following a successful registration, challengers are expected to visit the bank’s verified social media channels to complete the process.
ALAT has built a customer base of over 600,000 customers in the past four years, investing over N2 billion in various youth-oriented initiatives such as Talk Series, SociaLiga, GameOn Turf Football Competition, Social Media Week, and many more since its launch.