According to him, the group’s and company’s revenue also grew by 30 per cent and 31 per cent respectively compared to prior year. “The good news is that Vitafoam has secured two billion naira structured working capital support facility with Bank of Industries (BOI) at 12 per cent per annum interest rate. When compared to commercial banks 24.5 per cent average interest rate borne in 2017. There will be a huge favourable reduction in finance cost by a minimum of N240 million, representing 20.4 per cent. Secondly, the previously depleted working capital will be boosted by the BOI’s four-year working capital support.”

Source: Nigerian Tribune January 15, 2018 01:44 UTC