Fidelity Finances Africa’s Largest Aluminium Can factory

Monday, 04 March 2013 15:58
MATTHEW OTOIJAGHA

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FIDELITY Bank Plc has said that it is financing the multi-million naira aluminium can project in Aba, South East Nigeria. The factory which will be ready in a couple of months’ time will take off with an initial production capacity of 1.2 billion cans per annum.

This clearly surpasses the Agbara Can Manufacturing Factory that took off with an initial production capacity of 600 million cans per year, thus making the new plant the largest aluminum can factory in Africa.

Managing Director and Chief Executive, Fidelity Bank Plc, Mr.Reginald Ihejiahi who made the disclosure to journalists, at the weekend in Lagos,explained that the financing options adopted by the bank were largely driven by its commitment and faith in the development of the Nigerian economy. According to him,“We are a bank operating in an emerging market and we believe that the industrial sector remains the heart of banking in such markets.”

Ihejiahi, whose bank also financed a similar project in Agbara, Ogun State, further explained that as an institution in business purely for commercial reasons, the bank is mandated to report to its shareholders. This,he said, implies that the bank should have steady streams of income at the end of the year, and therefore, should carefully select the projects it would sponsor at any given time, as part of its commitment to the development of the economy. Said he,“When we opened the Agbara Can manufacturing factory which was commissioned by President Goodluck Jonathan in 2010, it started with 600million cans per annum. However, the Aba Can manufacturing company which is nearing completion will take off from the first day with 1.2billion production capacity and we believe that with this pace Nigeria will soon be self-sufficient in aluminum can production.”

Ihejiahi explained that the facility offers enormous opportunity for job creation and other economic benefits to the citizens of the country. The Aba Can factory is expected to service the breweries and beverage companies in the South East and South South parts of the country, and by extension other parts of Nigeria. “We are also not ruling out export opportunities to West African and other African countries because of the size of the factory,he further stated.

Meanwhile South African Breweries has just opened a brewery in Onitsha and the market is quite large. They are expected to be a major beneficiary of the aluminum can project.

http://www.nationaldailyngr.com/business-news/fidelity-finances-africas-largest-aluminium-factory

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Nice move and good thinking.


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This would highly reduce unemployment in Aba ( Abia State ). The bigger target is likely to export to other African countries, meaning more revenue.


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When i said that Igboland is fast growing and developing due to the hospitality of the people, low corruption, crime rate, affordable well educated, dedicated, experienced and disciplined work force, presence of strong economic, social and physical infrastructures backed by a large demand and market with access to several airports, seaports and federal roads some thought i was kidding; now look at this, THE LARGEST ALUMINIUM CAN FACTORY IN AFRICA IN ABA despite the non performance of their governor. ALA IGBO AMAKA!!!

This is the kind of progress Africa needs.

Lord Naya: When i said that Igboland is fast growing and developing due to the hospitality of the people, low corruption, crime rate, affordable well educated, dedicated, experienced and disciplined work force, presence of strond economic, social and physical infrastructures backed by a large demand and market with access to several airports, seaports and federal roads some thought i was kinding; now look at this, THE LARGEST ALUMINIUM CAN FACTORY IN AFRICA IN ABA despite the non performance of their governor. ALA IGBO AMAKA!!!

This the kind of progress Africa needs.

The largest malting plant in the world(not Africa) built by heineken was recently commissioned in Aba as well.

Good development.

Our people are gradually doing the proper thing. Invest at home like other Nigerians!

Good development! It's been a long time i heard any news about kidnapping in Aba. A lot has indeed changed in Abia.

Meanwhile South African Breweries has just opened a brewery in Onitsha and the market is quite large. They are expected to be a major beneficiary of the aluminum can project.

They even have a ready customer. Synergy?

Good thinking, Good product! Good one there!

Relocating back to aba on my mind.

'Good thinking, good product' this is the type of developments banks should encouraged! I am really happy for Abia State especially Aba, to all the Igbos in the house, I say CONGRATULATIONS

Considering that Aba is about to get 24-hour power supply once Geometric kicks off fully...

Interesting.

Abagworo:

The largest malting plant in the world(not Africa) built by heineken was recently commissioned in Aba as well.

^^^Any website for this company, pics or video? I'm surprised i've not heard of this plant b/4 now .

lol this Orji is waking up o!
I think he's concerned about his legacy, unfortunately i think it may be too late for him.

IGBO-SON:


^^^Any website for this company, pics or video? I'm surprised i've not heard of this plant b/4 now .

It was on Nairaland but as usual people condemned the Governor and turned it to a bashing thread.

https://www.nairaland.com/271417/malting-plant-kicks-off-aba

in 1988, when the government banned the import of barley and barley malts . This triggered a major effort by the breweries to find alternatives.
The Nigerian Brewery Company pioneered research and development which led to the production of malted sorghum. The Aba Malting Plant, with capacity of 30,000 MT per year, was established and has become the largest state-of the-art sorghum malting plant in the world.

http://23.21.178.168/wp-content/uploads/2012/11/Adesina-Akin.pdf

Good one for Aba, pray such news continues.

And they say OUK isn't working . . . If the environment wasn't comfortable, i wonder who would have financed such a project.

Who is the custodian of records in Africa to tell us the largest plant prior to this "one"? This artile does not tell us the largest one in Africa before this one. A comparison is based on two or more know quantities

Congrats to Aba. More SE needs to return their industries back to their region. It's a shame the second financed one was still out of una region but at least this is a start. I pray more news like this for una

PointB:

They even have a ready customer. Synergy?

the about to be commissioned plant in Aba is most likely Peter Obi's. D guy is doin great by his committment to ensurin an industrialised anambra and igboland at large. I also heard he has acquired general cotton mills and ekene dili chukwu motors premises both in onitsha.

if only abia had a average governor to harness these investments.

ifechez:

the about to be commissioned plant in Aba is most likely Peter Obi's. D guy is doin great by his committment to ensurin an industrialised anambra and igboland at large. I also heard he has acquired general cotton mills and ekene dili chukwu motors premises both in onitsha.

^^^Ifechez are you being sarcastic?

IGBO-SON:


^^^Ifechez are you being sarcastic?

maybe he is saying so because obi has lots of shares(not sure if it is majority) in fidelity bank.

ifechez:

the about to be commissioned plant in Aba is most likely Peter Obi's. D guy is doin great by his committment to ensurin an industrialised anambra and igboland at large. I also heard he has acquired general cotton mills and ekene dili chukwu motors premises both in onitsha.

Any links to the bolded claims?

Aba ( THE ENYIMBA CITY) is one of the most industrial and commercial towns in africa. The city have a high concentration of small and medium scale industries with some large ones surrounded by numerous large markets with high demand that is facilitated by its proximity to two airports, two seaports, a railway line, numerous inter-state road, hospitality of the people, affordable well educated, inventive, experienced and dedicated workforce(APPLIES TO ALL IGBOS) and the cosmopolitan nature of the city. All these explains why the city is flourishing despite neglect of the city by their governor. IMAGINE WHAT ABA WOULD BE IF THEIR GOVERNOR SIT UP ? IT WOULD HAVE RECORDED MANY SUCCESSES. ALL THE SAME WE THANK GOD. ALA IGBO AMAKA.

This is great news for us, gradually medium and large enterprises are springing up.

This is just one of the projects being built in Abia state.

IGBO-SON:


^^^Any website for this company, pics or video? I'm surprised i've not heard of this plant b/4 now .

Don't bother yourself with that senseless hack. His utterances are quite predictable.

@ the topic, Pete Obi's Fidelity Bank is doing Nigeria proud. Congrats.

asha 80: maybe he is saying so because obi has lots of shares(not sure if it is majority) in fidelity bank.

Pete Obi single handedly owns Fidelity Bank.

bestview:

Don't bother yourself with that senseless hack. His utterances are quite predictable.

@ the topic, Pete Obi's Fidelity Bank is doing Nigeria proud. Congrats.

I've always put up a challenge for you and Peter Obi with Abia because you( with all your monikers) was always blackmailing other Igbo states. At a time you were mocking Orange drugs for siting his industry in your State. Why then did Peter Obi leave heaven and invest in hell?

bestview:

Don't bother yourself with that senseless hack. His utterances are quite predictable.

@ the topic, Pete Obi's Fidelity Bank is doing Nigeria proud. Congrats.

so chino you did not see where abagworo replied igbo son with a picture?are you that stupid and blind?

What the east needs is massive infrastructural investment by the state governments. The manufacturing industries and industry of the people is already on ground.