By Nkiruka Nnorom
STANBIC IBTC Bank and Stanbic IBTC Capital have facilitated a N6 billion medium term facility to Kellogg Tolaram Nigeria Limited to finance the construction of a new cereal manufacturing plant in the Lekki Free Trade Zone, Lagos.
The institutions acted as the sole arranger and lender of the facility respectively.
The factory, with capacity to produce 10, 000 metric tonnes of cereals per year, is a joint venture between Kellogg Company of the United States of America and Tolaram Group, set-up to manufacture snacks and breakfast foods for the West African market.
In his speech at the event, John Bryant, Chairman, Kellogg Company, said the investment demonstrates the company’s commitment to the Tolaram partnership as well as to Nigeria and the West African market.
On his part, the Chairman of Tolaram Group, Mohan Vaswaniname, said the factory is an important milestone for the company as it would ensure that the globally popular Kellogg brand of cereal can now be enjoyed by the Nigerian consumers in a much greater scale, adding that Nigerian consumers stand to benefit from the healthy offering from the Kellogg range of breakfast cereals.