Business
Aquila Capital Secures Fresh $5m For Debt Financing
Despite extremely tough challenges of the global economic meltdown and the Nigerian banking credit and liquidity squeeze, Aquila Capital Limited the diversified financial services group, has secured a further $5 million in long-term debt financing for its leasing subsidiary, Aquila Leasing Limited, from the Belgian Investment Organisation (BIO), based in Brussels.
BIO chronicied its investment in Aquila Leasing, among others, of $5 million for a period of five years via a long term loan for on-lending/leasing to SMEs.
BIO is a Development Finance Institution (DFI) owned by the Belgian government and private institutions.
It is aimed at supporting SMEs through the banking sector/financial institutions, especially in developing countries.
BIO’s commitment to funding projects currently stand at about 203 million euros with actual investment of 127 million euros that cut across Africa, Asia and Latin America.
The Aquila capital group has continued to attract Foreign Direct Investment (FDI) into the country in general and the leasing sector in particular despite the extremely tough operating environment.
This clearly indicates the confidence that Bio has in the management of Aquila and the potential latent within the Nigerian economy irrespective of the current economic challenges.
Aquila had secured various capital inflows previously, including equity from Afri-investment and Tunis-based private equity firm, as well as the successful issuance of its euro denominated convertible bond offering, all in 2007.
In 2009, Aquila secured a $10 million long term dual currency loan deal from the Netherlands Development Financing Bank (FMO) for on-lending/leasing to SMEs.
Aquila capital has been in operation since July 2005 and its management is led by Mr Chuka Onwuchekwa, a professional with diverse experience in both the Nigerian and African banking industry.
The company is focused on fleet management consumer leasing and SMEs.
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