Nigerian Banks raised $2.5bn to fund acquisition of shell oil blocks The Managing Director and Chief Executive Officer of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, has stated that his bank and some other Nigerian banks accounted for about $2.5 billion used by some Nigerian independent firms to acquire assets during the recent divestment of onshore assets by Shell Petroleum Development Company (SPDC), Total and Nigerian Agip Oil Company (NAOC). This is coming as the federal government has warned that indigenous companies that were awarded marginal oil fields in 2003 but have not developed the fields would forfeit the assets by March 2015. Speaking Thursday in Lagos on the sidelines of a one-day sensitisation workshop organised by the Department of Petroleum Resources (DPR) for beneficiaries of the marginal oil fields, the Fidelity Bank boss said indigenous oil service operators had made progress, adding that it is in the exploration and production (E&P) business that Nigerian independents are facing challenges. “The Nigerian Content Development and Monitoring Board (NCDMB) has recorded successes in the oil service space. The E&P space is where they have challenges. - See more at: thebusinessdispatch/nigerian-banks-raised-2-5bn-to-fund-acquisition-of-shell-oil-blocks/#sthash.sKNiGhhh.dpuf
Posted on: Fri, 12 Dec 2014 09:06:23 +0000