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First Bank to sustain support for indigenous oil, gas operators – MD

The Chief Executive Officer First Bank Nigeria (FBN) Ltd. Adesola Adeduntan said the bank will continue to assist operators in the oil and gas sector with the right financial support needed to efficiently grow the industry.

Adeduntan said this at an Energy Finance Forum sponsored by the bank at the recently concluded Nigeria International Petroleum Summit (NIPS) in Abuja.

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The FBN Chief Executive Officer who was represented by the bank’s Executive Director, Public Sector,  Abdullahi Ibrahim told delegates at the summit that the bank had been supporting the oil and gas sector with funds through some of its products that provides finance for oil contracts.

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Adeduntans also noted that infrastructure finance was critical in accelerating development, adding that this underscored the need for an appropriate regulatory environment in attracting long-term investment to the oil and gas sector.

According to him, First Bank’s oil industry contract finance product was designed to meet the funding requirements of indigenous oil and gas companies who are either customers or prospects of the bank.

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