Fidelity Bank’s partnership with Beloxxi shows strength
by HOPE MOSES-ASHIKE
February 22, 2018 | 12:44 am| | | Start Conversation
The partnership between Fidelity Bank plc and Beloxxi, Industries, one of the largest biscuit makers in Nigeria, has recorded huge success with the recent expansion of the firm.
“I can say we are partners with Beloxxi. We’ve been supporting Beloxxi when they needed it most”, Nnamdi Okonkwo, managing director of the bank said at the official commissioning of the second and third phases of Beloxxi Industries’ expansion project at Agbara, Ogun State.
He said the partnership has grown beyond just supporting them to sheer entrepreneurial spirit and passion for what one does.
Okonkwo said Obi Ezeude, CEO of Beloxxi’s Industries, has done a lot towards realising his dream. “He’s such a visioner; we saw in him an example of the kind of aspirations spirit that we have at Fidelity Bank by supporting SMEs”.
“If you look at the brands at Beloxxi Biscuit, if you bring any international brand, he will complete. We’re very proud to be associated with this brand because what we’re here to do today is to witness the commissioning of its new plant and laying of foundation stone for another. Years ago when we started our journey with them they were not this big. So we’re very proud to have been part of this growth and success”, Okonkwo said.
“We worked together when they needed it. Today they can’t even meet demand and their products are in such high demand. So we’re happy to be part of the growth”, Okonkwo added.
Ezeude said access to capital was a major challenge facing manufacturers in the country, adding that with cheap capital,manufacturers would help put up infrastructure that would benefit communities and the country.
“We need to localise the value chain in manufacturing. This has become very difficult for us as we have 71 local suppliers of raw materials”, Ezeude said.
Beloxxi Industries has a capacity of 40,000 metric tonnes (MT) perannum, amounting to 28 million cartons.
The biscuit firm in 2016 closed an $80 million deal with a consortium of 8 Miles (London), African Capital Alliance (Nigeria) and KFW DEG Bank (Germany). The investment is raising the company’s capacity from 40,000MT to 80,000MT while the staff strength is over 3,700.
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