Oil and Gas Contract Finance

The product is designed to meet the funding requirements of indigenous oil and gas companies who are either customers or prospects of FirstBank.

Features

  • It is self-liquidating: The facility is contingent upon receipt of contract proceeds after successful completion of milestone.
  • The facility is short tenured: The facility tenure is mostly between 90-360 days depending on the contract being executed.
  • The bank provides up to 70% of cost of contract execution and not cost of contract value.
  • The product has essentially domiciliation of contract proceeds as the sole comfort except where facility is in excess of N50million for Project Finance which must be secured with tangible collateral.

 

Benefits

  • Increased profitability.

 

Accompanying Documents

  • Contract Documents.
  • Financial statement (audited).
  • Evidence of past job(s) executed (copies of payment advice).
  • Customer’s application Letter.

The product is available to both new & existing customers of the Bank who can apply through any of the FirstBank branches. 

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