With the dearth of financing in the COVID-19 impacted sectors like hospitality, tourism and aviation, capital injection from strong financial institutions have proven to be the way to wade the tumultuous tide.
Kemi Adeoye who serves as the Chief Financial Officer of Honeywell Group Limited, owners of the Radisson Blu Anchorage Hotel, has stressed that its partnership with the Bank of Industry (BOI) has been rewarding and helpful in its sustainability and expansion plans.
Adeoye said this during an interview on BOI’s Impact series – a TV programme that spotlights beneficiaries of the bank’s intervention in different sectors, as well as the achievements borne out of these interventions. The show aired on Channels TV in February 2022.
According to her, “one of the critical challenges in the sector is access to long term financing. However, partnering with BOI, an institution that is willing to provide financing for expansion and diversification of projects that enhance the socio-economic condition of Nigerians, makes it easier to function and thrive as a business.
“We approached BOI for financing for our renovation plans and the process was hassle-free. They had a deep understanding of our business and its operations, and I would say that it has been an interesting journey.”
Speaking further, Adeoye says Honeywell Group’s relationship with the Bank has been seamless because of the understanding BOI has shown towards the current realities of a sector in need of institutional funding and support to bounce back.
Adeoye commented, “it has been a beneficial relationship and the Bank of Industry has proven to be a valuable business partner. The bank has supported us in building our brand as a foremost hospitality business.”
It is no news that the tourism sector globally could suffer 4 trillion dollars in losses due to COVID-19 restrictions. However, BOI’s capital infusion was pivotal in assisting Radisson Blu Anchorage’s move to sustainability.
Advising business leaders in Nigeria, Adeoye said, “if any entrepreneur or business owner is seeking long term finance, I would strongly recommend BOI. They will not only provide funding, but they are also invested in your business’ success and expansion plans.”
Adeoye also thanked the financial institution for the extension of the moratorium on the funds following the uncertainties caused by the COVID-19 pandemic.
“The BOI’s support protected our business from the harsh effects of the pandemic and we have been able to maintain our staff strength and continue operations,” Adeoye concluded.