Home » Nigerian tycoon Michael J. Prest’s BONI secures $11 million for Nevis solar energy and hospitality development

Nigerian tycoon Michael J. Prest’s BONI secures $11 million for Nevis solar energy and hospitality development

Toward sustainable prosperity: BONI's future financing endeavors promote economic resilience and growth

by Omokolade Ajayi
Michael J. Prest

BONI Limited, an international bank led by Nigerian multimillionaire businessman Michael J. Prest, has finalized a significant dual-tranche $11 million financing agreement with the African Export-Import Bank (Afreximbank). The funding will facilitate the provision of sustainable solar solutions for SMEs and support a new hotel development project along Nevis’s golden mile.

The collaboration with Afreximbank marks an expansion of their existing partnership, reflecting Prest’s commitment to sustainable development and economic growth. The agreement, characterized by a two-tier strategy, aims to foster accessibility to renewable energy and drive job creation, particularly in small island states like Nevis.

Prest, the founder of BONI, emphasized the significance of this partnership, stating, “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 highlighted the critical role of affordable energy and finance in fostering economic development, particularly in small island states.

Toward sustainable prosperity: BONI’s future financing endeavors promote economic resilience and growth

The financing agreement encompasses two main components. Firstly, it introduces a “Solar-as-a-Service” model, ensuring the affordability and accessibility of solar energy for businesses and households. This initiative aims to reduce energy bills, support business growth, create employment opportunities, and contribute to carbon emission targets.

Secondly, the agreement includes support for the development of a landmark hotel project along Nevis’s golden mile, with an anticipated creation of approximately 100 jobs. This initiative underscores BONIs commitment to driving economic growth and infrastructure development in the region.

The agreement with Afreximbank not only strengthens BONI’s position as a finance intermediary but also underscores its commitment to fostering economic development and sustainability. The second stage of financing, scheduled for Q3/Q4 of 2024, is poised to further enhance BONI’s impact in supporting business activities between Africa and the Caribbean.

A visionary’s legacy: Prest’s strategic moves propel BONI to global prominence

Michael J. Prest, renowned as Africa’s godfather of modern commodity trading, has significantly expanded his business ventures beyond the oil and gas sector. With a rich history in oil trading across Africa, Prest’s leadership has propelled BONI Limited to the forefront of wealth management services, catering to both high-net-worth individuals and emerging affluent clientele globally.

His strategic takeover of the banking operations of the Bank of Nevis International Limited in 2019, culminating in the rebranding as BONI in 2023, exemplifies Prest’s diversified business approach. Under his leadership, BONI has positioned itself as a key player in facilitating trade ties between Africa and the Caribbean, leveraging Prest’s extensive network and expertise.

As Prest continues to lead BONI Limited toward new horizons, his vision for disrupting markets across various sectors remains steadfast. The partnership with Afreximbank signifies a pivotal step toward realizing shared goals of economic empowerment, innovation, and sustainable development.

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