The Lion King | 11
Milestone For The Quarter
UBA Signs MOU with
NLNG on Vendor Finance
Scheme
U
BA Plc and Nigerian Liquefied Natural Gas
(NLNG) have signed a Memorandum of
Understanding (MOU), to finance local
contractors and vendors of the company. The MOU
was signed recently in Port Harcourt.
Dan Okeke, ED, East and South Bank, signed the
MOU on behalf of the Bank. Also part of the UBA
team at the signing ceremony were Elizabeth
Sagay, DH, Oil & Gas 2; Ire Charles Osagiede, RM,
NLNG and the South Bank Regional Bank Heads,
Vincent Eze and Boma Okaka.
The MOU, signed in conjunction with four other
banks, is expected to help NLNG’s local contractors
and vendors have access to $1 billion in credits
from the five banks to speed up delivery of
contracts to the company.
NLNG is the largest operating company in the
gas sector of the Nigerian Petroleum Industry. The
company was incorporated in 1989 to harness
Nigeria’s vast natural gas resources and produce
Liquefied Natural Gas (LNG) and Natural Gas liquids
(NGLs) for export. NLNG is owned jointly by Total,
Shell, Eni and NNPC.
Significance of the deal
It boosts the capacity of indigenous contractors
to participate in Nigeria’s highly lucrative oil and
gas sector. It will boost employment of Nigerians
in the sector and also create a platform for skill
acquisition by Nigerians in the oil and gas industry.
It once more demonstrates the bank’s support
for critical sectors of the Nigerian economy and
commitment to increasing the capacity and skills of
Nigerians to become active players in the lucrative
sectors of the Nigerian economy.
Dan Okeke, Executive Director,
East and South Bank (middle)
signing the MOU with other
Participating Banks
