Petroleum Africa
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Monday, September 2, 2013
Diamond Bank in Nigeria is building a war chest for funding oil and gas projects in the West African country. The bank’s director, Samuel Egube said that his bank has already put together about $1 billion for funding projects.
Egube, on the sideline of the unveiling of three dive support vessels acquired by CNS Marine Nigeria Ltd. in Lagos, said the bank was already the ‘lead supporter for marine logistics as a bank’ in the country and would continue to finance indigenous firms with viable projects.
He said, “We have always supported indigenous oil and gas companies. We blazed the trail in this area. We have, for two consecutive years, won the award from a UK-based organization as a leader in asset based funding in the oil and gas industry. And we have committed at least $1 billion to this.”
This funding drive is based on the bank’s support of Nigeria’s local content policy. Egube said, adding, “We have supported the Nigerian content for as long as it has been and because of the inklings of the federal government to support the Nigerian content; you are beginning to see more interests in capacity development in specialized areas such as subsea engineering, marine logistics and others.
“It is our delight to support the promoters of the company when they decided to buy the vessel. It’s not in abundant supply in the country and it requires specialist skills. There are very few Nigerian companies that are involved in underwater diving capabilities. Once we saw that these people were serious players, with integrity and the skills, Diamond Bank undertook to support it.”
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