Santuscom secures over $1.2m facilities from CBN, BoI, NIRSAL for food production

An agribusiness giant, Santuscom Agro Investment Company Limited, Tuesday, disclosed securing $1.2 million facilities from Central Bank of Nigeria, CBN, Bank of Industry, BoI, SunTrust Bank, and Nigeria Incentive-Based Risk Sharing system for Agricultural Lending, NIRSAL, to boost food production.

This was made known in a statement signed by the Managing Director, Santuscom Agro Investment Company Limited, Chief Paul Ofana.

Ofana also said the company signed Memorandum of Understandings (MoUs) with CBN, BoI, SunTrust Bank, and NIRSAL Microfinance Bank to access the facilities.

According to him, the BoI/SunTrust facility is for procurement of equipment, plant and accessories for complete rice milling plant of 60 tonnes per day, which is put to the tune of over N300 million.

Santuscom Agro Investment Company Limited is the producer of the popular Ogoja Rice.

He said: “Santuscom Agro Investment Company Limited, the producers of our popular Ogoja Rice have secured and signed an investment deal with the Bank of Industry (BoI) and the Central Bank of Nigeria (CBN) through the Anchor Borrowers Programme to the tune of $1.2 million, which is equivalent of over N761.9 million.

“The investment from Bank of Industry through the SunTrust Bank Nigeria Limited is to upscale our rice processing factory to package and process a 60 tonnes per day and five tonnes per hour per boiling mill.

“While the N460 million is secured from the Central Bank of Nigeria (CBN) Anchor Borrowers Programme through the NIRSAL Microfinance Bank to finance 2,000 hectares rice field in Okpoma, Yala Local Government Area of Cross River State.