The African Export-Import Bank (Afreximbank) announced on Monday, 2 November 2026, an $81.9 million senior term loan to expand Veenocks Limited’s porcelain tile plant in Sagamu, Ogun State, Nigeria. The financing forms part of an industrial investment estimated at $145 million in total, designed to triple the factory’s production capacity.
The plant, which makes tiles sold under the Veramis brand, aims to increase annual output capacity from 3.3 million to 9.9 million square metres. Veenocks plans to use that additional capacity to meet domestic demand while developing sales opportunities in other African markets.
Benin is among the countries the company is targeting over the medium term, alongside Togo, Burkina Faso, Niger, Ghana, Senegal, Mauritania and Cameroon. The regional ambition extends the commercial scope of the project beyond Nigeria, although the investment itself is centred on the existing Sagamu manufacturing site.
From project studies to industrial expansion
Afreximbank’s latest loan follows preparatory support that began in August 2024, when the bank and Veenocks signed a $2 million project preparation facility. That financing paid for the technical, commercial, financial, legal, environmental and social studies needed to develop a bankable expansion plan.
The preparation facility has since been fully repaid using senior debt. The repayment allows Afreximbank to recycle funds into further project preparation, while Veenocks can draw on a larger financing package to expand its industrial equipment and capacity.
Veenocks, a subsidiary of Nigeria’s R28 Holdings, currently employs more than 200 people directly at the plant. The expansion is expected to create another 300 direct jobs, with additional work anticipated in raw-material supply, transport and distribution. Its regional sales plans are tied to the increase in production at Sagamu.