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BoI, FCMB Partner to Support Local Content Policy

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chike onwuegbuchi

The Bank of Industry, in partnership with the First City Monument Bank, yesterday unveiled an 80-tonne vessel jointly financed on behalf of C&I Leasing Ltd.

Kayode Pitan, Managing Director, BOI, 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, who was represented by Mr Joseph Babatunde, 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.

“For us at BoI, we like ventures that will create employment and add value to the economy of the country.

“We will do more to support many industries that need long term financing.

“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,” he said.

Pitan said that financing of the vessel had created 220 jobs and would gradually attract all other services rendered in the value chain.

“Today, BoI is also signing a MoU of $200m local content development fund in Abuja for the oil and gas sector; I see a bright future for the industry,” he said.

Also, Mr. Adam Nunu, Managing Director, 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, Mr. Andrew Otike-Odibi, 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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