Nigerian banks are reliable business partners - Ibru

Friday Ekeoba, Lagos

Charles Ugwu, Minister of Commerce

CHIEF Executive of Oceanic Bank International Plc, Dr. (Mrs.) Cecilia Ibru, has enjoined the European Union (EU) to take full advantage of good corporate governance in the Nigerian banking sector and involve Nigerian banks in its activities across the African continent.

Nigerian banks, she stated, are now larger in terms of asset base, shareholders’ funds, deposit base and branch network. She also explained that the banks now have an improved international ranking as 17 of them are in the top 1,000 in the world, four are among the top 10 in Africa and 20 out of the 25 are now in the top 100 banks in Africa.

Speaking in Abuja last Friday at a working lunch meeting with EU Ambassadors to Nigeria , Ibru said Nigeria needed the support of the EU to drive its continuing efforts at attaining infrastructural development.

Recalling that the European Investment Bank and nine member states launched the Infrastructure Trust Fund to finance infrastructure in Africa last April, she said experts were of the opinion that the current investment in Africa’s infrastructure needs to be doubled by the Union .On the part of Oceanic Bank, however, she assured that the bank remains committed to being at the frontline of activities to transforming Nigeria in terms of infrastructural development.

With the bank’s focus of building a stronger nation, she said Oceanic Bank has ever maintained its leading position in promoting private sector development towards social and economic infrastructural development.

Among the companies Oceanic has financed are: Bi-Courtney Limited with a facility of over N20 billion for the construction of Muritala Mohammed Airport Terminal2, KEPCO Energy Resources with a syndicated facility of $280,000,000 syndicated facility; Vigeo Limited, with a facility of $14.5 million to acquire a state of the art anchor handler vessel from Farstad Shipping of Norway, among many others.

The Oceanic Bank boss, who also chairs the Bankers Committee sub-committee on Small and Medium Enterprises Equity Investment Scheme (SMIEIS), further assured that Oceanic Bank would continue to make funding available to all sectors, in a bid to build a stronger and virile Nigeria.

Already, the bank’s investment has cut across different segments in the economy- from Agricultural sector, Oil & Gas to Healthcare and the Media, among many others.

Among the many companies that have benefited from the funds of Oceanic Bank are: Nigerian Army Small Scale Drugs Manufacturing Unit ; Wordsmithes Printing; Gasoil Engineering Limited; Larnagold Limited; Golden Lad Industries; DVI Telecoms; Hydro Resources Industries; Atobi Metals and Paper Industry; Gazetta Communications; and Cyrus Woodcrafters Limited.

Investors forum starts in Ogun

Olayinka Olukoya, Abeokuta

Gbenga Daniel, Ogun State Governor

THE economic potentials and investment opportunities in Ogun State will from Tuesday be on display for further harnessing as investors converge on Abeokuta for the 3rd edition of the “Economic and Investment Summit”.

The two-day summit which will hold at the “Valley View Auditorium” Isale Igbein, Abeokuta, will also parade the best among the equals of the human resources in the state.

Addressing a press conference in the Ogun State capital, the Chairman of the Summit, Mr. Tayo Aderinokun, Managing Director of Guaranty Trust Bank (GTB) said the state had a lot to showcase.

Represented by the Vice Chairman of the Summit, Engr. Yemisi Shyllon, Aderinokun said the theme of the summit “Securing the Gateway Advantage” underscored the desire of the state to ensure that participants buy into key development projects of the administration of Governor Gbenga Daniel.

He said “the 3rd summit is a time for concrete decisions on specific investment portfolio. We are inviting investors and promoters of businesses to come and partner with the Otunba Gbenga Daniel administration in its continued efforts to bring simultaneous developments to every part of the state”

Aside from showcasing the many human and natural opportunities and advantages in the state, Aderinokun also said that the summit would help boost support for government effort at attracting the private sector to champion the key development projects in different parts of the state.

The projects and opportunities that will form the core of the summit include the OK Free Trade Zone and Deep Sea Port Project Opportunities, Cargo Airport Project Opportunities, Kajola Specialized Free Trade Zone Opportunities, the Ogun Guangdong Free Trade Zone, commerce and Industry among several others.

Mr. Aderinokun said that important dignitaries expected at the summit include former President Olusegun Obasanjo, Governor of the Central Bank of Nigeria, Chief Charles Soludo and several others.