FCMB Pledges Support For Oil And Gas Sector

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FCMB Capital Markets Limited, the investment banking arm of FCMB Group Plc, says it will support the Federal Government’s oil and gas reserves growth agenda by supporting indigenous operators.

A statement by the lender quoted the Executive Director, FCMB Capital Markets Limited, Mr. Tolu Osinibi, as stating this at the recently-concluded Oil Council World Assembly 2014 conference held in London.

The conference is said to be the largest business network platform for players in the oil and gas sector across the globe.

The executive director noted that the bank’s support for the oil and gas industry remained strong, adding that its involvement in the sector was in line with the commitment to contribute to the economic growth of the country.

Osinibi said, “We have over the past few years demonstrated the ability to help in identifying and allocating the technical and financial risks associated with complex projects in the oil and gas industry.

He added, “We have what it takes to play a leading role in helping to execute initiatives that will boost the growth of the industry and, consequently Nigeria.”

According to him, the ongoing structural shifts in the industry in terms of the assets divestment by the international oil companies has resulted in a significant increase in participation of indigenous operators across the industry value chain.

This, the executive director said, had led to potential increase in the investment that would happen in the sector over the next few years.

He added, “FCMB has played, and will continue to play, a significant role in supporting the growth of the industry by arranging appropriate financing for operators to enable them execute their projects.”

The statement further quoted Osinibi as saying that the company’s presence and active participation at the recent conference in London, as well as being a co-sponsor, reflected its focus on being a strategic partner to key stakeholders across the industry value chain.

It said, “Being strongly represented at this conference that brings together leading global players in the oil and gas industry including investors and financiers, helps us plug into the latest industry thinking and trends and enables us support our clients better.

“In addition, by inviting some of our oil and gas clients to the conference and getting them in front of leading industry operators and major institutional investors, it demonstrates our commitment to deepening our relationship with our clients and opening up new opportunities that will be of mutual benefit.”

FCMB Capital Markets Limited specialises in equity and debt capital raising, mergers and acquisitions and other forms of financial advisory services.

The bank said it played a dual role of the mandated lead arranger and technical bank for the acquisition of the upstream business of ConocoPhillips by Oando Energy Resources for $1.65bn recently.

It added that First City Monument Bank Limited, its sister company, was one of the major lenders in the transaction.

According to the statement, FCMB Capital Markets is also one of the mandated lead arrangers and technical bank for the $225m medium term project finance facility granted to Accugas Limited by a consortium of banks last year.Source of story:thecitizenng.com