- FBN HOLDINGS PLC – REMEDIATING THE PAST, REINVIGORATED TO UNLOCK VALUE.
- DIAMOND BANK PHOTONEWS
- Stanbic IBTC introduces Nigeria’s first instant online account opening service
- Diamond Bank Strengthens Growth in Q1 2017…Asset base jumps to N2.07trn
- GTBank Releases Q1 2017 Unaudited Results …….. Reports Profit before Tax of ₦50.39Billion
- Stanbic IBTC pledges to change perception of insurance industry
- Benefits of financial knowledge among youth – Stanbic IBTC Bank
- Stanbic IBTC highlights role of employers in pension scheme
- Global Communications Firm Hires P+ Measurement Services To Provide Media Monitoring Service in Ghana Market.
- Stanbic IBTC announces Key Executive Appointments:
First Bank pledges continued support for oil sector
First Bank of Nigeria has said it will continue to assist oil and gas firms with the right financial support needed to efficiently grow the oil sector
Speaking at the Energy Finance Forum at the recent Nigeria International Petroleum Summit in Abuja, the Chief Executive Officer, First Bank, Adesola Adeduntan, stated that the bank had been in the forefront supporting oil and gas firms, especially indigenous operators.
Adeduntan, who was represented by the bank’s Executive Director, Public Sector, Abdullahi Ibrahim, noted that infrastructure financing was critical in accelerating development, adding that this underscored the need for an appropriate regulatory environment in attracting long-term investment to the sector.
He said the bank had been supporting the sector with funds through some of its products that provided finance for oil contracts.
According to Adeduntan, First Bank’s oil industry contract finance product is designed to meet the funding requirements of indigenous oil and gas companies who are either customers or prospects of the bank.
He explained that the self-liquidating product was contingent upon receipt of contract proceeds after successful completion of stipulated milestone.
“This has been beneficial to operators in the sector and it has increased their profitability and impacted greatly on their operations over the years,” Adeduntan said.
The bank also stated that it had been providing finance for stock of white petroleum products in the downstream oil sector.
According to the bank, it provides support to existing or new customers who are registered members of oil associations in the country.
Adeduntan said such support provided an opportunity to increase volume of business as well as margins through consistent growth in turnover through credit financing.