First Bank supports firm on solar power initiative


First Bank of Nigeria is providing support and advisory services to Omatek Ventures Plc in its solar power initiative. Omatek has just inaugurated a 50KVA three-phase off-grid solar solution factory in Lagos. The bank said its relationship with Omatek dated back to 2009, adding that it would continue to work with the company to extend the initiative to other parts of the country.

The Group Executive, Commercial Banking, First Bank, Mrs. Cecilia Majekodunmi, at the inauguration, said, “First Bank as a leading bank in the industry is known for providing financing support and advisory services for large corporations, Small and Medium Enterprises and other businesses that are into viable projects.” Majekodunmi, who was represented by the bank’s Group Head, Commercial Banking Group, Lagos Mainland III, Mr. Emmanuel Ogundipe, said the bank’s role with Omatek Ventures was that of a reliable partner.

“What we have done is to provide financing support to the group both locally and offshore. We have also ensured that in terms of advisory services, we have continued to work with them to make sure that all that there is to be done in terms of having structure, strategies and all the things that will bring about efficiency in deploying the initiative are in place.” She expressed the determination of the bank to ensure the success of the project, particularly in extending the initiative to other parts of the country and assist Nigerians to reduce the level of their energy consumption. “We at First Bank understand the customer’s business.

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We know what the customer wants to do. We know what is required in the solar power initiative that the company has embarked upon, and we are working closely with them to ensure that the initiative is deployed across the whole length and breadth of Nigeria,” said Majekodunmi. Omatek Ventures, an indigenous company, commenced business about 30 years ago with its core business in the sale and distribution of computers, assembling of Omatek brand of computers, according to the statement.

The Chief Executive Officer, Omatek Ventures, Mrs. Florence Seriki, said, “Omatek solar solution, which is a hybrid solution that provides 24 hours lighting/power solution by use of our solar-led bulb-inverter hybrid solution, provides 70 – 90 per cent cut in power consumption.” “We have installed these solutions in schools, homes, offices and factories. It provides 24-hour solar energy and lighting solution for students, hostels, the SMEs, homes and shops. It drastically reduces power consumption by an average of 85 per cent on the overall grid; thus enhancing growth in the real sector and general economic development.”