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FIRSTBANK SIGNS €50 MILLION FACILITY WITH EUROPEAN INVESTMENT
BANK
First Bank of Nigeria Plc has signed a
€50 million Medium Term Facility with the European Investment Bank (EIB),
the private sector–focused financial institution of the 25-member
European Union (EU). The facility, executed under the Cotonou
Agreement between Nigeria and 78 other African countries, would
enable FirstBank to lend to corporate customers in oil & gas,
telecom, manufacturing and other high-yielding businesses.
Divided into two tranches with
tenors of five and eight years respectively, the facility, according
to Mr. Moyo Ajekigbe, Managing Director & Chief Executive of
FirstBank, increases the pool of long-term funds available to
FirstBank to meet commitments in this regard.
“We recognize other opportunities
for increasing stakeholder wealth across the Bank’s value chain.
Fortunately, FirstBank’s inimitable brand equity, its extensive
domestic sales network, and its experience in the Nigerian financial
service landscape uniquely position it to leverage fully the various
opportunities”, he said.
Speaking at the ceremony, Mr. Guus
Heim, EIB’s Head of Division (West Africa & Sahel) said the decision
to partner with FirstBank was borne out of the confidence and
financial capacity of FirstBank to realize the corporate objectives
of the Bank in Africa. “Our objective is to promote investment, to
reach out to the private sector, to mobilize domestic resources and
help Nigeria develop”, he said, adding that his Bank, judging from
the confidence reposed in FirstBank, expects a major breakthrough
from the transaction.
Also present at the signing ceremony
were Mrs. Bola Adesola, Executive Director, Corporate Banking,
FirstBank; Mr. Lamido Sanusi, Executive Director, Risk & Management
Control, FirstBank; Mr. Peter Hinson, MD/CE of FBN Bank (UK)
Limited; Mr. Taiwo Okeowo, a director of FBN Capital Limited; Mr.
Niyi Kukoyi, Head of Legal Services, FirstBank; Mr. Tijjani Borodo,
FirstBank’s Company Secretary; Mr. Femi Bakre, Group Head,
Multilateral/Financial Institution Corporate Banking; Mr. Hafiz
Bakare, Head of Corporate Planning & Group Coordination and Mr. Jide
Ogundele, Head, Image Management.
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