Access Bank Reaffirms Commitment to Capacity Building in the oil and gas sector

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Access Bank, Managing Director/Chief Executive, Herbert Wigwe

From Benjamin a ameh, Lagos

The Access bank’s involvement in the oil and gas sector was in line with the commitment to contribute to the economic growth of the country.

Speaking on the bank’s support during the 2015 Nigeria Oil and Gas Conference held at Abuja, the Executive Director, Corporate and Investment Banking Division, Access Bank Plc, Elias Igbinakenzua said in a statement that the Bank was delighted to be a part of the conference.

Igbinakenzua disclosed that Access Bank Plc commitment to building capacity and capability in the oil and gas sector as part of its continued drive to improve local content in the nation’s oil and gas industry.

“Our support for the oil and gas industry remains strong. This further demonstrates our commitment to increase the capability of corporate customers as we continue to put them first in the heart of our business,” he said.

Igbinakenzua said Access Bank had been a major sponsor of the conference, noting that the Bank’s presence and active participation at the 2015 event reflects its focus on being a strategic partner to key stakeholders across the industry value chain.

He pledged the Bank’s continued partnership with and assistance to the oil and gas companies by supporting initiatives that will create business opportunities and investments in Nigeria and the African continent.

“Access Bank has played, and will continue to play, a significant role in supporting the growth of the industry by arranging appropriate financing for operators to enable them execute their projects,” he added.

As part of its continued growth strategy, Access Bank is focused on mainstreaming sustainable business practices into its operations.

In the same vein: a former Managing Director of the bank, Aigboje Aig-Imoukhuede had expressed happiness with the bank’s current investments in the oil and gas sector.

Aig-Imoukhuede spoke as a guest speaker at the KPMG Alumni cocktail session in Lagos titled “Leader, Growth and Succession.’’

He said the bank had expanded its investment into oil and gas sector and was currently supporting indigenous companies that acquired oil blocks from the multi-nationals adding that the bank was focusing on huge business in local companies acquiring International Oil Companies’ fields with the hope of translating to upstream operations.

“We are currently, largely focusing on financing the indigenous oil and gas players working towards moving to the upstream operations. It is a good business, but the indigenous has to learn from the multi-national business ideology. It is our prayer that militancy should not come back in the Niger Delta because it will threatened business investment in oil and gas.’’
He called on financial institutions to invest and tap into the upstream operations in the sector.

Former managing director pointed out that the successes recorded by Nigerian indigenous companies and the limitless opportunities provided by the Nigerian Content Act cannot be overemphasis.

He said that Access Bank had financed some of the biggest deals in the upstream sector some years ago.

Aig-Imoukhuede, also lauded the Federal Government’s privatisation process in power sector.

 


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