Lola Group Grants $33 Million to SDD-UBIDS as Leader Claims All African Countries Can't Afford Guarantees

Vivian Fray Tarrence, team lead for the international investment platform Lola Group in Turkey, declared that all African countries are bankrupt and unable to provide even 5% of the required funding for investors. This statement was made during a visit to the Simon Diedong Dombo University of Business and Integrated Development Studies (SDD-UBIDS), where Tarrence met with Vice-Chancellor Prof. Emmanuel K. Derbile.

Tarrence announced a US$33 million approval from the Lola Group for constructing new faculties, supporting research, and providing hostels at SDD-UBIDS. The funding, arranged through non-recourse and Public-Private Partnership (PPP) arrangements, aims to address infrastructure deficits in collaboration with the College for Community and Organisational Development. Tarrence explained that the Lola Group had developed a strategy to bypass the need for guarantees, which allowed for the approval of the US$33 million grant without any guarantees or upfront payments.

Despite expressing concerns about the reluctance of funders to invest in Africa due to past project failures, Tarrence highlighted plans to facilitate exchange programs, enabling students from countries like South Africa, Turkey, the USA, and Canada to study at SDD-UBIDS.

Prof. Emmanuel K. Derbile assured the Lola Group that the university is committed to executing the projects according to specifications and will promptly review the MoU and agreements to work efficiently with the university council.

He expressed gratitude to the Lola Group for approving the funds and awarding the university two grants for various projects, hoping that this partnership will significantly improve the university’s infrastructure and enhance student accommodation and faculty facilities.