Business

Sterling Bank partners Anambra on new international drug market

Sterling Bank Plc has said it signed a partnership agreement with the Anambra State government, Coordinator Wholesale Centre (CWC) and Feroville to build a new international drug market in Oba in the Idemili South Local Government Area of the state. Under the arrangement, Sterling Bank will serve as the sole financier for the construction of the project, and upon completion, traders at the River Niger Bridge Head Market will relocate to the new market.

The new facility, when completed, will host over 15,000 business concerns, including 12,500 pharmaceutical premises, 88 executive offices, warehouse space of about 60,000 square meters, banking hall, event centers, cafeteria, general hospital, parking space for more than 3,000 cars and a standard cold chain facility. Other amenities in the facility will include a dedicated Independent Power Project (IPP) ensuring 24 hours of power supply at an affordable rate, centralized waste disposal and sewage management system, and an uninterrupted water reticulation system.

Also, the proposed facility will contain regulatory offices for all drug and health agencies, including NAFDAC, a fire service unit, a centralised checkpoint and a police station. Mr. Adewale Adebowale, Group Head, Government Partnership Fulfilment with Sterling Bank, said the bank is financing the project because it resonates with its strategic direction of concentrating its resources on five sectors of the economy under its HEARTs strategy.

The five sectors are health, education, agriculture, renewable energy and transportation. He also mentioned the Onitsha Main Market’s strategic location as it ties into commerce and industry in Nigeria and the African continent and expressed the hope that the project would be completed within 24 months. Adebowale thanked the Anambra State government for its assistance and pledged the bank’s continued support for the state government’s trade, commerce and industry initiatives.

 

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