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First Bank Stakes $3.3bn on Oil & Gas

13 May 2013

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Mr. Bisi Onasanya



FIRST Bank of Nigeria expended over $3.3 billion (N512 billion) in the financing of various oil and gas projects in Nigeria last year. The financing package represents 37.40 per cent of the bank’s portfolio.

The amount, the bank said represented its total financing activities for the upstream, midstream and downstream sub-sectors of the oil and gas industry.

The bank noted that it has committed $650 million for the development of selected marginal field operation, while it expended $270 million to offshore pipeline projects and $234 million as local contract support for specialized vessel acquisition scheme.

The bank’s Executive Director, Corporate Banking, Kehinde Lawanson, who gave the information at a dinner organised at the just-concluded Offshore Technology Conference in Houston, Texas, United States of America, said financing was in line with the bank’s efforts to boost local capacity in the oil and gas sector.

He disclosed that the bank has financed Atlantic Energy project of $289 million term loan and working capital; another $15.15 million term loan financing to Fymak Marine & Services Nigeria Limited, and $276 million to OPL International Limited.

Tags: Business, Nigeria, Featured, First Bank

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