Diamond Bank commits N150bn to oil, gas financing

In line with its commitment to promote the Nigerian Content Policy, Diamond Bank plc has revealed that it had put together about $1bn (N150bn) for the funding of oil and gas projects by indigenous companies in the country.

Speaking at the sidelines of the unveiling of the three Dive Support Vessels acquired by CNS Marine Nigeria Limited last weekend, Samuel Egube, corporate banking director, Diamond Bank, said the bank was the sole financier of one of the newly acquired vessels worth over $30m, adding that the bank decided to finance the project because it believed in the Nigerian Content initiative, aimed at deepening indigenous participation in the nation’s oil and gas industry. The loan provided by the bank has a five-year repayment period.

He stated: “Diamond Bank is committed to supporting the Nigerian Content Policy and we will continue to do that. Addasa marine is an indigenous company which is also committed to Nigerian content and we are delighted to be supporting such an indigenous company. Under water diving capacity requires a lot of skill.

“We are the lead supporters of marine logistics in Nigeria and we are happy to help the company. It is not just a milestone for this company, but a milestone for the Nigerian content. We believe that this is just the beginning. This support will increase employment generation in the country most especially to Nigeria divers.

He expressed the bank’s determination to continue to support indigenous oil and gas firms as well as marine logistics companies by funding projects considered viable.

He said, “We have supported the Nigerian Content for as long as it has been and because of the inklings of the Federal Government to support the Nigerian content; you are beginning to see more interests in capacity development in specialised areas such as subsea engineering, marine logistics and others.

Barry Adedamola, managing director and chief executive officer of CNS Marine Limited, said the company acquired the three vessels to facilitate offshore projects. The vessels are named Adessa Ocean King, Adessa Legend and Adessa Sea Protector.

Adedamola said that the newly offshore dive vessel with intensive capacity of 50 tonnes in any given time can accommodate about 90 workers on offshore projects.

“We are launching a unique product into the Nigeria market which has tremendous benefit to the socio-economic growth of the Nigeria in creating lots of jobs, while hoping that more local people will be trained to work in the vessels. We have invested over $50 million into these vessels. We are fully committed to a hundred per cent Nigerian Content,” he said.

The CNS Marine boss however assured that adequate safety measures had been put in place to protect the crew, adding that additional security bullets proved boat had been acquired to support the operation of the vessels in offshore projects against militants.

By: Femi Asu