First Bank Restates Commitment To Financing Infrastructure Projects In Energy Sector

Head, Energy, Downstream and International Oil Trading, First Bank of Nigeria (PLC), Mrs Oluwatoyin Aina, said the bank has financed several projects in the energy sector and will continue to do so.

Aina said this at the ongoing Oil Trading and Logistics (OTL), Africa Downstream Week in Lagos on Wednesday.

She said the Petroleum Industry Act (PIA) had strengthened administrative governance in the oil and gas industry since it came into existence, and that stakeholders had embraced the Act.

“One of the major stakeholders of the energy sector is the financial institutions that have played vital roles in injecting funds into the industry.

“First Bank provided funding for infrastructural development including the NLNG Train 7 project,” she said.

She said the newly commissioned Pinnacle offshore subsea petroleum terminal and Dangote Refinery were part of the projects the bank funded.

The First Bank Downstream head advised stakeholders to embrace corporate governance to access funds.

“Carbon credit also assists projects to be bankable with neutrality in the process. There has to be sanctity of contract with focus on project that attracts net zero emission.

“The international fund can only attract projects that are environmentally friendly as they would be thoroughly assessed to ensure standard,” she said.

Aina advised oil and gas companies to create enabling environment, accessible capital pool, skill acquisition and human capital development, to enable First Bank and other financial institutions to support energy-based projects.
Source: NAN