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Oceanic Bank plc has provided 60 million Euros (N10 billion) to an indigenous company for procurement of dredgers.
The dredgers will be used to deepen water channels to attract bigger vessels into the country.
According to the managing director of Oceanic Bank plc Cecelia Ibru, who disclosed this at a seminar organised in Lagos by IHC Merwede, a Dutch firm which specialises in building dredging vessels, offshore equipment and other specialised ships, she said the financial institution hope to invest about 100 million Euros by the end of the year.
To consolidate the bank’s effort in the sector, she explained that the bank had established a maritime desk in one of its branches and had been financing purchase of dredgers from the Dutch company.
The chief executive pointed out that the bank had been partnering with the Commerce Bank of Germany, which makes it easier for importers of dredgers to bring in their equipment from IHC Merwede.
Ibru, who was represented by the executive director, southern directorate, Duate Iyabi, said the bank’s shareholders’ fund had grown to N220 billion, which warranted its appetite for large projects.
She pointed out that opportunities in dredging were quite immense in the Niger Delta region, which provides a formidable centre for companies involved in dredging.
“There are increasing opportunities for Nigerians to acquire dredgers both for the oil companies and for dredging sands’’, Ibru stated.
Although there were fears expressed by the dredging firms in view of hostilities in the Niger Delta region, she was optimistic that with time, normalcy would return.
The dredgers will be used to deepen water channels to attract bigger vessels into the country.
According to the managing director of Oceanic Bank plc Cecelia Ibru, who disclosed this at a seminar organised in Lagos by IHC Merwede, a Dutch firm which specialises in building dredging vessels, offshore equipment and other specialised ships, she said the financial institution hope to invest about 100 million Euros by the end of the year.
To consolidate the bank’s effort in the sector, she explained that the bank had established a maritime desk in one of its branches and had been financing purchase of dredgers from the Dutch company.
The chief executive pointed out that the bank had been partnering with the Commerce Bank of Germany, which makes it easier for importers of dredgers to bring in their equipment from IHC Merwede.
Ibru, who was represented by the executive director, southern directorate, Duate Iyabi, said the bank’s shareholders’ fund had grown to N220 billion, which warranted its appetite for large projects.
She pointed out that opportunities in dredging were quite immense in the Niger Delta region, which provides a formidable centre for companies involved in dredging.
“There are increasing opportunities for Nigerians to acquire dredgers both for the oil companies and for dredging sands’’, Ibru stated.
Although there were fears expressed by the dredging firms in view of hostilities in the Niger Delta region, she was optimistic that with time, normalcy would return.
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