# Veenocks secures $81.9M loan to expand tile factory in Sagamu, Nigeria

Veenocks Limited secured an $81.9 million loan from Afreximbank to expand its porcelain tile manufacturing operations in Sagamu, Ogun State, Nigeria. The $145 million project is expected to nearly triple annual production capacity to 9.9 million square metres and create 300 jobs.

- Type: Expansion
- Announced: 2026-11-04
- Where: Sagamu, Ogun State, Nigeria
- Value: $81.9M
- Jobs: 300
- Status: announced
- Capacity: 9.9 million square metres per year
- Products: porcelain tiles
- Sectors: [Construction Materials](https://endata.com/sectors/construction-materials.md)

## Companies

- [Veenocks Limited](https://endata.com/companies/15135.md)
- [African Export-Import Bank](https://endata.com/companies/15136.md) (investor)

## Sources

- [newsmakerslive.org](https://newsmakerslive.org/baba-ijebus-son-secures-81-9m-afreximbank-loan-to-expand-nigerian-tile-factory/), 2026-11-04: "The financing forms part of a $145 million industrial expansion project expected to nearly triple the company's annual production capacity, create 300 additional direct jobs and strengthen Nigeria's ability to meet domestic demand for locally manufactured building materials."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.