Lender Supports Lagos With N221m
Wema Bank Plc has supported the Lagos State Government and the Justice Research Institute Limited with N20 million to deliver a world-class archiving service aimed at transforming record management in the Lagos State High Court.
The lender in a statement said in a bid to address the deteriorating state of the Lagos High Court archives, the Lagos State Judiciary and the Justice Research Institute Limited, a private limited liability company, partnered to create a joint venture, the Lagos Archives and Property Litigation Registry (LAPLR).
Apart from the N20 million funding by Wema Bank, the lender also granted LAPLR a project finance facility to the tune of N201 million. Managing Director of Wema Bank, Mr. Segun Oloketuyi, while speaking at the launch of the archives at the Lagos State High Court, noted that the bank identified the need to have a credible source of information on land and property that are subject to litigation in Lagos State, hence the lender’s decision to support the project.
“We lent our support in two ways; corporate social responsibility was part of the financing, it wasn’t just loan,” Oloketuyi said: “Even the loan was given at an extremely low interest rate and long tenor to ensure the repayment is easy.
We did this as a push for the company handling this project in partnership with the Lagos judiciary, on the need to create value, an opportunity presented by this project.” The MD noted that when the project was conceived and the bank was contacted for financing, “we contributed some ideas, which were also brought into the picture to ensure the success of the project.”
Source: New Telegraph