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.
Manchester City on Sunday defeated Chelsea 6-0 in the Premier League.
The victory sees City go top of the table, ahead of Liverpool on goal difference but with one more game played.
Sunday’s defeat is Chelsea’s worst since 1991.
City’s goals were scored by Sergio Aguero (3), Raheem Sterling (2) and Gundogan.
With the loss, Chelsea slip to sixth position on the log.
The Redeemed Christian Church of God (RCCG) plans 77 hours of praise to celebrate the 77th birthday of its General Overseer, Pastor Enoch Adeboye, according to its National Music Director, Pastor Kunle Ajayi.
Ajayi told newsmen at a conference in Lagos on Saturday that the ‘77 Hours Marathon Messiah’s Praise’ entitled ‘Jesus the Light of the World’, would not only celebrate the cleric, but open up Nigeria to new things.
He said that the celebration, slated for Feb. 25 to Feb. 28 at the Youth Centre, Redemption Camp, Lagos-Ibadan Express Way, would also involve many other countries.
“We are dedicating the 77 hours this year to praise our Lord and Saviour Jesus Christ whose life became our light,” Ajayi said.
According to him, countries that will be participating in the praise include Nigeria, United States of America, Canada, England, Australia, Spain, Scotland, United Arab Emirates, Brazil, Israel, and Zambia.
Other countries are Cameroon, Kenya, Netherlands, Sweden, Malaysia, South Africa, Ukraine, Ghana, New Zealand, and Ireland.
”This is a giant step in our quest to bring ‘Marathon Messiah’s Praise’ to the doorstep of every living being on the planet,” he said
Ajayi said that to ensure a hitch-free programme, over 5,000 people had registered to volunteer in various departments and in other various key sectors of the programme across the participating countries.
”Over 120,000 live participants are expected to be in attendance with over 10 million viewers expected to watch the event on TV and social media channels.
“This year’s Marathon Messiah’s Praise will be the greatest in its series and we are confident that as we praise the Great Redeemer, He will do something new in Nigeria…”