Skye Bank eyes Angola oil market, establishes branch in Sao Tome
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Akinsola Akinfemiwa, managing director of the bank, said the bank would also open branches in Sierra Leone and Gambia.
Akinfemiwa made these known in Enugu yesterday shortly before the commencement of the bank’s annual general meeting held in the city.
According to Akinfemiwa, “as opportunities open in more frontiers the bank would continue to expand its branches accordingly.”
Although the managing director would not speak further on the Sao Tome subsidiary, it was however gathered that the reason for going to that country was informed by the huge oil business there.
Nigeria is currently involved in joint oil operations in that country and that has led to considerable investments by prominent Nigerians in that country as well.
A top management staff of the bank further told Business Day that another reason for going to open shop in Sao Tome was as a result of its proximity to Equatorial Guinea and Angola.
According to him, Equatorial Guinea currently has one of the highest per capita incomes in the world and Angola is a rich oil-producing country.
“So, if Skye Bank is firmly established in Sao Tome, not only would it take advantage of its proximity to these country to reap good returns but could be a good launch-pad for the bank to open shops in Equatorial Guinea and Angola in the future,” he said.
Akinfemiwa made these known in Enugu yesterday shortly before the commencement of the bank’s annual general meeting held in the city.
According to Akinfemiwa, “as opportunities open in more frontiers the bank would continue to expand its branches accordingly.”
Although the managing director would not speak further on the Sao Tome subsidiary, it was however gathered that the reason for going to that country was informed by the huge oil business there.
Nigeria is currently involved in joint oil operations in that country and that has led to considerable investments by prominent Nigerians in that country as well.
A top management staff of the bank further told Business Day that another reason for going to open shop in Sao Tome was as a result of its proximity to Equatorial Guinea and Angola.
According to him, Equatorial Guinea currently has one of the highest per capita incomes in the world and Angola is a rich oil-producing country.
“So, if Skye Bank is firmly established in Sao Tome, not only would it take advantage of its proximity to these country to reap good returns but could be a good launch-pad for the bank to open shops in Equatorial Guinea and Angola in the future,” he said.
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