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Petroleum Dealership Finance
This product is designed to provide structured finance for Oil and Gas dealers of petroleum products e.g., Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Dual Purpose Kerosene (DPK), Liquified Petroleum Gas (LPG), Compressed Natural Gas (CNG) and Lubricant Oil.
Loan Information
Description
Target Market
Features
Benefits
Requirements
How to Apply
Description
This product offers working capital finance to filling stations, gas plants and skid owners with NMDPRA/DPR/PPMC licence for the purchase of Petrol (PMS), Kerosene (DPK), Diesel (AGO), Liquified Petroleum Gas (LPG), Compressed Natural Gas (CNG) and Lubricant Oil.
Target Market
- Members of the Independent Marketing Association of Nigeria (IPMAN)
- Dealers under the Major Oil Marketers Association of Nigeria (MOMAN)
- NNPC franchises
- Gas plant owners
- Skid owners
- CNG stations
Features
- Competitive Pricing
- Flexible collateral structure
- Flexible tenor
Benefits
- Dealers can access up to N30million or more without providing tangible collateral
- Dealers with multiple stations can access up to N50million without providing tangible collateral, or more
- Bridges liquidity gap for customers
- Allows for continuous replenishment of stock which leads to increased volumes and profit
Requirements
- A valid NMDPRA/DPR/PPMC
- Business should be duly registered with the Corporate Affairs Commission (CAC)
- Dealer must have been in business for at least 24 months
- Dealer must have maintained account relationship with FirstBank or any bank for at least 6months without a history of returned cheques or previous default on facility or facilities granted
- Dealers of LPG and CNG must possess Fire Safety certification issued by Federal or State Fire Service
How to Apply
- Application letter on dealer’s letter head paper
- Duly completed Retail Loan Application Form. Click here for form
- Visit any FirstBank branch to submit letter and form to Branch/Business Manager to get started
FAQs
Must provide evidence of dealership with a registered IPMAN or Major Oil Marketing Company.
No, but you must have been a customer of a reputable Bank for not less than 1 year.
Yes, you should have been in the business for not less than 3 years.
