BoI, FCMB sign Joint venture deal to finance 80-tonne vessel in Lagos

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The Bank of Industry (BoI), in partnership with First City Monument Bank (FCMB) Thursday unveiled an 80-tonne vessel jointly financed on behalf of C&I Leasing Ltd.

As reported by News Agency of Nigeria, Kayode Pitan, BOI Managing Director, said at the inauguration of the vessel tagged: “MV Bello’’ in Lagos, that the joint financing demonstrated their supports for deepening the country’s local content policy.

Pitan, represented by Joseph Babatunde, the General Manager, Large Enterprises, BoI, said that the financing was to generate employment and grow the country’s economy.

The vessel is the first vessel supported by BoI.

“The aim is not to leave the oil and gas industry to all comers, we need more indigenous companies to be able to take our destiny in our hands,” he said, reiterating BOI’s stands in partnering with ventures that will create employment and add value to the economy of the country, hence, supporting many industries that need long term financing.

He further said that “the loan will be paid over a period of six to nine years with reasonable moratorium period that allows the company to stabilise and take the benefits to expand its operations,” as financing the vessel had created 220 jobs and would gradually attract all other services rendered in the value chain.

In addition, Pitan disclosed that “today, BoI is also signing MoU of 200 million dollars local content development fund in Abuja for the oil and gas sector; I see a bright future for the industry.”

Also, Adam Nunu, the Managing Director of FCMB, said that the bank would continue to provide solutions and financial support to different sectors of the economy.

“We have demonstrated how local players can help to support the larger marine industry which is hugely dominated by foreign companies,” Nunu said.

He said that FCMB would continue to invest in various specialised industries to boost economic growth.

In his remarks, Andrew Otike-Odibi, the Managing Director, C & I Leasing Ltd., said that the vessel was the biggest addition to its fleet of vessels.

Otike-Odibi said that the financing revealed Federal Government’s commitment to boosting its local content policy in the oil and gas sector.

He said that the acquisition of the vessel would reduce foreign exchange demand, increase human capacity development and the number of vessels in the company’s fleet.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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