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FinBank Diversifies into Vessel Financing
- By Simon Ugwu
- Published November 2nd, 2009
- MoneyWorld
- Unrated
FINBANK Plc has financed the purchase of a new vessel for Jevkon Oil & Gas Limited, a leading indigenous maritime transport company in Nigeria. This according to the bank is in line with the Coastal and Inland Shipping Act 2003.
Mrs. Suzanne Iroche, group managing director, FinBank, said at the commissioning of the vessel at the Apapa Port terminal, Lagos that the Bank’s involvement in the financing of the vessel was a demonstration of its commitment to the success of the Cabotage Act 2003 as well as the growth of the Nigerian economy.
Essentially, the Act as enacted seeks to develop and increase indigenous tonnage by stipulating that subject to the licensing requirements and waivers embedded in it, all vessels engaged in Cabotage in Nigeria must be registered in Nigeria, owned by Nigerians, carry Nigerian flag and manned by Nigerians.
She maintained that the implementation of the Cabotage Law would have a positive ripple effect on the economy as it is capable of generating millions of job opportunities for Nigerians.
According to her, “This informed our involvement in the finance of various Maritime transactions and our resolve to continue to develop capabilities to appropriately manage relationships in the sector. FinBank’s involvement is a testimony of its strength as a financial institution. We shall continue to finance projects that will add value to the Nigerian economy.”
Earlier in his welcome address, Dr. MkGeorge Onyung, managing director, Jevkon Oil & Gas Ltd, lauded the Bank for the confidence it reposed in his company by financing the purchase of the vessel.
Onyung assured that his company was committed to maritime business and would ensure that the vessel is managed profitably to encourage the entrance of other indigenous operators in the industry.
According to him, “We will limit our business to shipping which controls about 80 percent of global business, which is largely untapped in Nigeria. Our target is to acquire a production ship. There are only 12 of them in Nigeria and none is owned by a Nigerian”.
He noted that FinBank was the catalyst which enabled the realization of the company’s dream of owning a vessel. “FinBank Plc has been our invaluable partner in business. The bank’s belief in our expertise and proven experience in the industry have led to a relationship of trust and understanding that gives us the leverage to always excel. Our strength and confidence stems from the huge support we enjoy from FinBank Plc which drives us to effectively carry out our operations and achieve optimal success”, he added.
The MT Breakthrough, a 2006 built 7500 dead weight, double hull, double bottom vessel is the newest-built product tanker within the Nigerian waters and the most modern vessel under the Nigerian Flag Registry.
To underscore the significance of the MT Breakthrough commissioning, prominent Nigerians including Alhaji Ibrahim Isa Bio, honorable minister of transport, Temisan Omatseye director -general of NIMASA as well as members of the clergy witnessed the ceremony which took place at the Eko Support Terminal of the Apapa Port, Lagos.
Mrs. Suzanne Iroche, group managing director, FinBank, said at the commissioning of the vessel at the Apapa Port terminal, Lagos that the Bank’s involvement in the financing of the vessel was a demonstration of its commitment to the success of the Cabotage Act 2003 as well as the growth of the Nigerian economy.
Essentially, the Act as enacted seeks to develop and increase indigenous tonnage by stipulating that subject to the licensing requirements and waivers embedded in it, all vessels engaged in Cabotage in Nigeria must be registered in Nigeria, owned by Nigerians, carry Nigerian flag and manned by Nigerians.
She maintained that the implementation of the Cabotage Law would have a positive ripple effect on the economy as it is capable of generating millions of job opportunities for Nigerians.
According to her, “This informed our involvement in the finance of various Maritime transactions and our resolve to continue to develop capabilities to appropriately manage relationships in the sector. FinBank’s involvement is a testimony of its strength as a financial institution. We shall continue to finance projects that will add value to the Nigerian economy.”
Earlier in his welcome address, Dr. MkGeorge Onyung, managing director, Jevkon Oil & Gas Ltd, lauded the Bank for the confidence it reposed in his company by financing the purchase of the vessel.
Onyung assured that his company was committed to maritime business and would ensure that the vessel is managed profitably to encourage the entrance of other indigenous operators in the industry.
According to him, “We will limit our business to shipping which controls about 80 percent of global business, which is largely untapped in Nigeria. Our target is to acquire a production ship. There are only 12 of them in Nigeria and none is owned by a Nigerian”.
He noted that FinBank was the catalyst which enabled the realization of the company’s dream of owning a vessel. “FinBank Plc has been our invaluable partner in business. The bank’s belief in our expertise and proven experience in the industry have led to a relationship of trust and understanding that gives us the leverage to always excel. Our strength and confidence stems from the huge support we enjoy from FinBank Plc which drives us to effectively carry out our operations and achieve optimal success”, he added.
The MT Breakthrough, a 2006 built 7500 dead weight, double hull, double bottom vessel is the newest-built product tanker within the Nigerian waters and the most modern vessel under the Nigerian Flag Registry.
To underscore the significance of the MT Breakthrough commissioning, prominent Nigerians including Alhaji Ibrahim Isa Bio, honorable minister of transport, Temisan Omatseye director -general of NIMASA as well as members of the clergy witnessed the ceremony which took place at the Eko Support Terminal of the Apapa Port, Lagos.
