Baba Ijebu’s Son Secures $81.9m Afreximbank Loan to Triple Tile Production in Ogun

Adebisi Abidemi Adebutu, son of renowned Nigerian businessman and billionaire philanthropist, Sir Kessington Adebutu, popularly known as Baba Ijebu, has secured $81.9 million in financing from the African Export-Import Bank (Afreximbank) to significantly expand porcelain tile production in Nigeria.

The financing, approved as a senior term loan for Veenocks Limited, will support a $145 million expansion project at the company’s manufacturing facility in Sagamu, Ogun State.

Veenocks Limited was founded by Adebisi Adebutu, who also heads R28 Holdings. The expansion is expected to increase the company’s annual production capacity from 3.3 million square metres to 9.9 million square metres, effectively tripling its current output.

The project is also expected to create 300 additional direct jobs, increasing the company’s workforce from more than 200 employees to over 500 when the expansion becomes fully operational.

Beyond boosting production, the investment is expected to strengthen Nigeria’s domestic manufacturing capacity, reduce reliance on imported building materials and encourage greater utilisation of locally sourced raw materials.

The expansion is also designed to position Veenocks Limited as a major supplier of porcelain tiles across African markets, while strengthening Nigeria’s competitiveness in the regional building materials industry.

Adebutu’s ambition, according to the project objectives, is to develop a globally competitive Nigerian manufacturing company capable of producing porcelain tiles that meet international quality benchmarks, including European standards.

The $145 million investment represents a significant private-sector commitment to industrial development in Ogun State, with potential benefits for employment generation, local supply chains and Nigeria’s efforts to deepen domestic manufacturing.