Stanbic IBTC Bank, a member of the Standard Bank Group, has opened a new branch at the ultra-modern Ikeja City Mall for which Stanbic IBTC and Standard Bank were sole financiers. The sprawling 28,500m2 retail center in the Lagos State capital was opened for business on Wednesday, December 14 2011. The $100 million (N15.8bn) project was financed by a mix of debt and equity; with a debt facility of US$48.6 million secured from Stanbic IBTC Bank and Standard Bank. This retail center is currently the largest in Nigeria and the first international quality center financed by a local financial institution.
The mall, anchored by Shoprite’s largest store in Nigeria, was built following a debt financing agreement between Gruppo Investments, Nigeria Limited, a subsidiary of Actis, Stanbic IBTC Bank Plc and Standard Bank of South Africa Limited, signed in February 2010. The mall has been able to successfully attract a number of international retailers such as Mr. Price, Foshini, Aldo, Michael Kors, Truworths etc entering the Nigerian retail market for the first time.
While declaring the mall open, the Lagos State Governor, Babatunde Fashola described the completion of the project as another illustration of where investment meets opportunity to create prosperity for the people. He said the mall is a landmark project that will boost the supply chain of retail goods across the state, while bringing development closer to the communities.