Home » FINANCING » Total Nigeria Corporative Seals $170 Million Pact with Seven Banks for a Project in Eko Atlantic

Total Nigeria Corporative Seals $170 Million Pact with Seven Banks for a Project in Eko Atlantic

Total E&P Nigeria Staff Multipurpose Co-operative Society Limited has secured 20,000Sq.m of land at the prestigious Eko Atlantic City. Located in the Victoria Island axis of Lagos State, Eko Atlantic City is being constructed on land reclaimed from the Atlantic Ocean. Upon completion, the new peninsula is anticipating at least 250,000 residents and a daily flow of 150,000 commuters.

Already, the Multipurpose Co-operative Society has sealed $170million financial support and partnership with Guaranty Trust Bank (Gtbank Plc), Access Bank Plc, Zenith Bank Plc, CitiBank and  Standard Chartered Bank.

 Others are Stanbic IBTC, Rand Merchant Bank and SunTrust Bank.

 Henry Hector-Amiwero, Head Legal, Compliance & Communications at Total E&P Nigeria Staff Multipurpose Cooperative Society Limited explained that the banks will also provide financial advisory services.

According to promoters of the project, construction commenced this month and is expected to run for 48months, “delivered in three phases.”

 Explaining further, Hector-Amiwero said: “We are partnering with Banks to provide debt funding and the Banks shall ensure that we deliver the project within record time”.

 He added: “La Definition is an upscale mixed use, high rise development set on approximately 20,000Sq.m of prime land at Eko Atlantic City, Lagos Nigeria.

 “It is made up of three energy efficient, EDGE certified towers that will be finished to the highest standard of qualitative living.

 “La Definition is a SMART and efficient building with all apartments equipped with SMART appliances powered by high speed fiber optic internet backbone that will be operable from a mobile device from anywhere on the globe.

 “The development will have restaurants, retail & entertainment, a cinema as well as a club house and multi-use events facilities.

 “The development concept was designed by renowned architect Benoy, alongside a team of world class local and international design teams.  “Construction commenced in November 2019 and is expected to run for 48months delivered in three phases, built by contractors of repute. ITB.”

 On membership, Henry Hector-Amiwero said:“Total E&P Nigeria Staff Multipurpose Co-operative Society Limited is a closed employee based Cooperative  and has grown from double-digit membership at inception, to 1594 members who are staff of Total E&P Nigeria Staff located in Lagos, Port Harcourt, Abuja, Pau, Paris, Congo, Angola and South Africa.

 “Our Members contribution in savings and term deposit with Total Cooperative is N21billion while the loan facility to its members is N26billion with annual value to shareholders to the tune of N2. 2billion.

 “Co-operative Society is an organization that is established by common bond to cater to the needs of their members defined by specific common bond and created for the common good of adding both qualitative and quantitative value to its members only.

“They exist to provide financial support for social and economic development of their members.

 “Their loan products are very flexible when compared to banks and profit comes secondary for them unlike banks.

“They are not banks, and banks cannot take their place in an economy.

 “They exist to contribute to the developmental issues of the society in line with sustainable global development goals.

 “Total E&P Nigeria Staff Multipurpose Cooperative Society Ltd is the biggest in West Africa.

 “It has the best structure because its strategic and operational arm are clearly delineated by its board and management team respectively.

 “It has eight-man Board, seven management team with 44 professional staff catering to 1,594 members whose common bond is employee of Total E&P Nigeria.

 “They have PwC as their external auditor, and they are very profitable with over 40 products and services to its members. They are multi award winning Cooperative Society both in Nigeria and Africa with associate membership in the Africa Confederation of Cooperative Savings Association as well as technical membership at International Cooperative Alliance.

“Their Corporate Social Responsibility is multi award winning in Africa as they have impacted the lives of over 1200 people working with over nine NGOs with 60 percent of their annual budget distribution to education and vocational activities while 40 percent is allocated to healthcare and people with disability in the society.

 “Most profound is the establishment of free primary school in IDP Camp in Bama Maiduguri Borno state as the school currently has 53 children whose parents have either been killed or nowhere to be found”.

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