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OTL: First Bank Expands Financial Support Across African Oil and Gas Markets – Toyin Aina

…..by Ben Ndubuwa……
First Bank Plc, one of the leading banks in Energy financing, in Nigeria has said that the bank is deepening its investment in Africa’s oil and gas sectors, with a strong footprint in six African nations as well as partnerships in the United Kingdom, France, and China. Currently, the bank is active in the Democratic Republic of Congo (DRC), Ghana, Guinea, Sierra Leone, Senegal, and Uganda, providing financing solutions and support for a range of clients and projects.

“We’re supporting clients in Nigeria and other West African nations, which reflects the breadth of our reach and the strategic opportunities we see across the continent,” a representative of the bank stated. “For instance, we’re closely involved with refinery projects in Senegal and Ghana, where our letters of credit allow local firms to secure critical resources on an international scale.” said Oluwa Toyin Aina, Group Head, Energy, First Bank.

Speaking at the on-going Africa OTL Energy Week Aina explained that First Bank is also supporting the refining sector. According to her, First Bank’s role extends to Nigeria’s newly operational Dangote Refinery. “With new refineries like Dangote coming online, the demand for U.S.-dollar-denominated letters of credit remains high,” Aina explained. “Local refineries still require payments in U.S. dollars, putting pressure on local currencies.”

The First Bank Group Head, Energy, highlighted the bank’s role in supporting crucial infrastructure projects. “We’ve helped fund not only the Dangote Group but other essential storage and logistics facilities across Nigeria. With fuel subsidies now lifted, the market conditions are more favorable for investment, making it possible for our clients to pursue stronger returns.” She said.

Furthermore, she said thatvFirst Bank sees potential for greater financial flows from both foreign direct investors and local diaspora. “We’ve seen three major international divestments recently, with companies like Oando acquiring assets in Nigeria. This can help increase crude oil production over the next 12 to 24 months, bolstering foreign currency reserves and aiding local businesses.”

As Africa’s energy landscape evolves, she pointed out that First Bank remains committed to facilitating growth. “As long as our clients continue to achieve profitable outcomes, we’re prepared to back them every step of the way,” she said.

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