Skye Bank Moves to Ensure Cabotage Act Realization

Skye Bank has reiterated its commitment to unfurl profitable dais in the nation’s maritime sector, pivotal to bursting the implementation of the Cabotage Act 2003. Nigeria CommunicationsWeek gathered that the desk established in 2006 was carved out to ensure that world class services are rendered to existing and potential companies seeking to venture into the maritime business. Nigeria CommunicationsWeek’s visit to the group’s stand at a recent exhibition held in Lagos showed that the bank is exploring new frontiers through partnership with the indigenous shipping operators to help develop the local content base in the Nigerian maritime industry. In a statement by the bank through Segun Opeke, general manager, Skye Bank Aviation and Maritime Group, the calculation, “Is to encourage the indigenous acquisition of vessels, which is a major clause in the Cabotage Act 2003.” On the level of preparedness of the desk to provide the vehicle to drive the Cabatoge Act implementation, he averred that, “the maritime desk is well equipped to provide world class financial services to our clients whose diverse needs include vessel financing’ financial advisory, consultancy, brokerage services, mergers and acquisition and syndicated lending. “Skye Bank has partnered with the US Ex-IM Bank and other foreign institutions to finance a number of projects in the maritime sector.” He listed such projects to include, “financing the acquisition of first Nigerian vessel to sail under the Nigerian flag from the US, N4.5 billion financing for acquisition and upgrade of National clearing and forwarding agency. The bank has injected over N50 billion into the maritime sector over the year.” The GM also disclosed that about 60 per cent of the new ships acquired in Nigeria in the last two years were bankrolled by Skye Bank Plc.