Fidelity Bank, Others Win Project Finance Deal of the Year Award

Fidelity Bank Plc was among few Nigerian banks that won the Euromoney Project Finance Telecommunications Deal Award of the Year for the $650million funding deal for Etisalat Nigeria, a member of the Mabadala Group. The bank was given the award in recognition of its capabilities and achievements in implementing project finance deals in Nigeria and across Africa during the past year. Other banks that won the award include GTBank, First Bank, Access Bank, and United Bank for Africa. Project Finance magazine’s 2011 Deal of the Year Awards recognizes the best European and African deals. In Its latest edition, the magazine said that the Etisalat Nigeria’s $650 million financing shows that even comparatively new entrants in a fiercely competitive market can assemble a healthy bank following. Etisalat Nigeria was the largest project financing in Nigeria in 2011. Fidelity Bank Plc has a very good track record in project finance deals in Nigeria. The bank was involved in the $25.5 million Independent Power Plant and the $16 million Independent Power Plant Project for the Island Power Limited as well as the $28 million 15 MW Alausa Power Limited, all for the Lagos State Government and in power generation. In manufacturing and processing, the bank financed the N5.5 billion galvanizing plant for Dorman Long Plc, and the N4.5 billion Ethanol Plant project for NOSAK Industries Ltd. Fidelity Bank was also involved in the $70 million Aluminum Can manufacturing plant, the first of its kind in sub- Sahara Africa, financed for GZI industries in Agbara, Ogun state. In the oil and gas sector, Fidelity bank was part of the consortium of banks that recently financed the 128KM natural gas pipeline by Oando Plc, an indigenous oil marketing company. Dr. Reginald Ihejiahi, managing director and chief executive officer, Fidelity Bank Plc noted that these projects were clear demonstration that with commitment on the part of the lender and the borrower, the new vision for financing the real sector of the economy can truly be achieved. He explained that the bank’s heavy financial support to the industrial sector in the past one year showed its unwavering commitment to efforts aimed at revamping the Nigerian economy. “We see it as a national challenge which we must meet. This is because experience has shown that all over the world, every economy is supported by its people and their institutions,” adding that “our commitment can be seen by the number and value of the projects we have financed over the last nine months despite the challenges our industry faced within the period”.