Transaction

Afreximbank invests USD 81.9 million in Veenocks’ porcelain tile manufacturing plant in Ogun State, Nigeria

Announced

2 November 2026

Target

Veenocks Limited

Value

$81.9m

Asset class

Infrastructure & Project Finance

Type

Project Financing, Debt Financing

Instrument

Senior Debt, Term Loan

Lead investors

African Export-Import Bank

Investors

African Export-Import Bank

Sector

Manufacturing and industrials / Construction & Materials, Diversified Materials

Markets

Nigeria

About the target

Veenocks Limited is a Nigeria-based manufacturer of porcelain wall and floor tiles for residential and commercial construction. Veenocks produces tiles under the Veramis brand at a plant in Sagamu, Ogun State, on SACMI production lines, in marble, stone and concrete designs and in 60x120 cm, 60x60 cm and 30x60 cm formats. Veenocks reports that the tiles are tested to the ISO 10545 series of standards, with water absorption of 0.3% or less. The plant's kiln was fired on 20 October 2025, and Veenocks launched the Veramis tile collection at the West Africa Industrialisation Manufacturing & Trade Summit in March 2026. An expansion announced on 2 November 2026 is expected to raise annual production capacity from 3.3 million to 9.9 million square metres.