BONI Limited, led by Nigerian multimillionaire businessman Michael J. Prest, has signed a large $11 million dual-tranche financing agreement with the African Export-Import Bank. The investment will help SMEs provide sustainable solar solutions, as well as support a new hotel development project along Nevis’ Golden Mile.
Prest’s relationship with Afreximbank expands on their current partnership, highlighting the company’s dedication to sustainable development and economic success. The pact, which features a two-tier plan, seeks to increase access to renewable energy while also driving job growth, particularly in small island republics such as Nevis.
Prest, BONI’s founder, stressed the significance of this cooperation, saying, “Working with Afreximbank opens BONI to numerous opportunities and reflects our shared commitment to sustainable development, job creation, and bringing accessible financing to the Caribbean.” He emphasized the importance of affordable energy and financing in promoting economic development, especially in small island republics.
The finance arrangement has two primary components. First, it presents the “Solar-as-a-Service” concept, which ensures that solar energy is affordable and accessible to businesses and families. This effort intends to lower energy bills, boost economic growth, provide job opportunities, and help meet carbon emission targets.
Second, the agreement involves support for the building of a landmark hotel project along Nevis’ golden mile, which is expected to create around 100 employment. This program demonstrates BONI’s commitment to promoting economic growth and infrastructure development in the region.
The deal with Afreximbank not only reinforces BONI’s position as a financial intermediary, but also demonstrates the company’s dedication to promoting economic development and sustainability. The second wave of financing, anticipated for Q3/Q4 2024, is expected to strengthen BONI’s role in facilitating business activity between Africa and the Caribbean.
Michael J. Prest, often regarded as Africa’s godfather of contemporary commodity trading, has greatly expanded his commercial interests beyond the oil and gas industry. Prest’s extensive experience in oil trading across Africa has moved BONI Limited to the forefront of wealth management services, serving to both high-net-worth individuals and emerging affluent clients worldwide.
Prest’s strategic takeover of the Bank of Nevis International Limited’s banking operations in 2019, which will result in the company’s renaming as BONI in 2023, demonstrates his diverse business style. Under his leadership, BONI has established itself as a prominent participant in promoting trade between Africa and the Caribbean, leveraging Prest’s broad network and knowledge.
As Prest continues to push BONI Limited toward new horizons, his aim for disrupting markets across many sectors remains steady. The collaboration with Afreximbank represents a significant step toward achieving our common goals of economic empowerment, innovation, and sustainable development.
