Stanbic IBTC Finances Acquisition of Buses in Lagos

Obinna Chima Stanbic IBTC Bank Limited has disclosed that it recently financed the acquisition of Tata buses by Southdrift Investment Limited for operation under the bus rapid transit (BRT) scheme of the Lagos State government.

The buses, according to the bank, were unveiled at a ceremony in Amuwo Odofin, Lagos, recently.

A statement from the bank described the move as its contribution towards improving transportation in the state,

Southdrift, which will operate the buses on dedicated routes, has a five-year BRT contract with LAGBUS Asset Management Limited, operator of the BRT scheme, to run a particular route within the Lagos metropolis till 2018.

Speaking at the unveiling ceremony, Head, Business Banking, Stanbic IBTC Bank, Mr Lloyd Onaghinon, said the bank has a professional vehicle and asset finance unit which understands the needs of the market and its customers.

He said Stanbic IBTC Bank had established a robust relationship with LAGBUS and Southdrift and was ready to work with both organisations to improve transportation in Lagos.

“At Stanbic IBTC Bank, we understand the needs of our clientele and we constantly strive to provide innovative banking solutions tailored to meet those needs. With the vehicle financing, we hope to deepen our healthy relationship with LAGBUS and Southdrift as well as the Lagos State government to engender an efficient transport system in the state and across Nigeria,” added Onaghinon.

The statement noted that the latest financing demonstrated Stanbic IBTC Bank’s pedigree in vehicle and assets financing. Stanbic IBTC Bank, under a deal with the state government, financed the acquisition of 100 Tata waste compactor trucks for refuse disposal in the state.