September
24, 2008
Chinese Firm Partners FirstBank in Ogun Free Trade Zone
A Chinese firm, Guangdong
Xinguang International China-Africa Investment Limited is to
partner First Bank of Nigeria Plc in a $500 million
investment in Ogun State. The Group, which is a large scale
Chinese state-owned enterprise, is building a free trade
zone (FTZ) in the Gateway State which will house over 100
Chinese companies when completed. The Free trade zone is to
be known as Ogun Guangdong Free Trade Zone.
The Guangdong Xinguang
Group’s financial/business collaboration with FirstBank
would be in the areas of investment banking, project
financing, business advisory services and correspondent
banking relationship.
The Group’s Chairman, Mr.
Jianxiong Sun said at the signing ceremony of a memorandum
of understanding in Abeokuta last weekend that his company
is partnering FirstBank for the promotion and protection of
Chinese interests in Nigeria by way of sound financial
advisory services. The Group will specifically leverage
FirstBank’s expertise in project financing and deep
knowledge of the Nigerian business terrain.
The signing of the
memorandum of understanding was witnessed by the Chairman of
the Guangdong Xinguang Group, Mr. Jianxiong Sun, FirstBank’s
Executive Director in charge of Corporate Banking, Mrs. Bola
Adesola, and the Bank’s Group Head, Multilaterals and
Financial Institutions, Mr Femi Bakre.
Click to view the
event picture.
H. O. Bakare
Head, Corporate Planning & Group Coordination
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