First Bank of Nigeria (PLC), according to Mrs. Oluwatoyin Aina, Head of Energy, Downstream, and International Oil Trading, has supported a number of energy-related projects and will continue to do so.
On Wednesday, Aina made this statement during the Oil Trading and Logistics (OTL), Africa Downstream Week that was taking place in Lagos.
She said that since its creation, the Petroleum Industry Act (PIA) has improved administrative governance in the oil and gas sector, and that stakeholders have 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 claimed that projects supported by the bank included the recently inaugurated Pinnacle offshore subsea petroleum facility and Dangote Refinery.
In order to obtain funding, the head of First Bank Downstream recommended stakeholders to adopt corporate governance.
“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.
