Monorail Project River State

[NIGERIA]

Nationwide Finance played a critical role in raising the needed capital to finance the execution of Phase 1 covering 14 Kilometers of a large scale monorail project. The monorail is programmed to transport over 10 million people annually within the oil-rich city of Port Harcourt and the estimated total project cost for all the mapped phases is in excess of $700 million. Nationwide Finance – along with its partners – raised the initial debt funds of over $98 million from a consortium of investors for the project. The project needed Nationwide Equipment to facilitate the acquisition of prefabricated elements, monorail train, track auto-switch systems, train guiding systems, fare collection systems and related on-site engineering services among others, which will lead to the commissioning of the project’s first phase within 18 months. This is indeed a people-focused project and the first of its kind in Nigeria, made possible by Nationwide Finance.

Financing: Arranged by Nationwide Finance which successfully raised required offshore capital on behalf of Skye Bank of Nigeria.

Dollar Amount: $98,938,000 (millions)

Nationwide President: Ed Kostenski with Group Managing Director/CEO of Skye Bank: Mr. Kehinde Durosinmi-Etti

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