CONTAINERHOMESNG

Sir Kessington Adebutu's (Baba Ijebu) son, Adebisi Adebutu, has secured $81.9 million in financing to nearly triple porcelain tile production in Nigeria. Afreximbank has approved the senior term loan for Veenocks Limited, founded by Adebisi Abidemi Adebutu, to support a $145 million expansion of its manufacturing plant in Sagamu, Ogun State. The investment will increase annual production capacity from 3.3 million to 9.9 million square meters, while creating 300 additional direct jobs on top of the more than 200 employees already working at the facility The expansion also aims to reduce Nigeria's dependence on imported building materials, increase the use of locally sourced raw materials and position Veenocks as a major supplier to African markets. Adebisi Adebutu, who heads R28 Holdings, is seeking to build a globally competitive Nigerian manufacturer capable of meeting European quality standards. Source: Shore Africa.