Thursday, September 20, 2012

First Bank Funds Nigerian Local Content

First Bank of Nigeria Plc has provided an asset finance facility of $29.03 million to Nigerian indigenous engineering firm Broron Oil & Gas Ltd. The asset facility is for the funding of a multifunctional field support vessel and other equipment for an ongoing contract with Mobil Producing Unlimited.

Speaking recently during the christening of the vessel DSV AVIANNA, special adviser to Nigeria’s president Goodluck Jonathan, Sullivan Akachukwu Nwakpo, urged other indigenous companies to take advantage of the Nigerian Content Act.

“I am sure that there are so many Nigerians, who have sufficient funds to do better than what we are seeing today but they appear not to have picked the courage to believe that there is a law signed by the president that actually works,” he said.

First Bank has committed well over N500billion to financing oil and gas projects in Nigeria as part of efforts to enhance local capacity and competitiveness, according to statistics released by the bank.

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