First Bank Restates Commitment To Mining Sector Funding

First Bank Restates Commitment To Mining Sector Fundingi

First Bank of Nigeria has reiterated its support to mining sector development and growth as part of effort to diversify the nation’s economy.

The group head, Corporate Banking, Energy (Upstream and midstream), First Bank, Temitayo Osundosumu stated this during a panel discussion at the Nigeria Mining Week in Abuja. The three-day event from November 1-3, which took place at the International Conference Center (ICC), has the theme ‘Profiling Nigeria’s Strengths: Achievements And Focus Areas’.

Osundosumu said that the mining industry is a growing industry and that First Bank will aways support it. He said, ‘‘First Bank is open for business and will always support the mining sector. So, we are keen to do it. We have the expertise and we will support the mining industry in Nigeria.

‘‘We want the miners to speak with us. Most of the time it is not always loans they need, it could be banking solution, discussing with other partners to new finances, among others. We have done this across our footprints in Africa and we are keen to doing it in Nigeria.’’

On how to structure the industry, Osundosumu noted that the Ministry of Mines and Steel Development has been taking a lot of steps in that direction for starters. According to him, artisans and small-scale miners are being put together in a well-organized manner. ‘‘A good one is the Solid Minerals Development Fund which is a way to de-risk all the issues in the mining industry with the bid that banks funding will be applicable to it and can take the industry forward,’’ he said.

Also, the executive secretary/chief executive officer of the Solid Mineral Development Fund, Hajiya Fatima Umaru Shinkafi, who was a member of the panel of discussants, said that although the mining industry in Nigeria is 70 per artisanal, the miners can be more productive if they can be structured. Advising miners who are looking for funding from banks, she said, ‘‘Banks will only give you funding based on your cashflow.

Comments

Court orders Okowa government to account for over N200bn education funds, allocations

Court orders Okowa government to account for over N200bn education funds, allocations The Federal High Court sitting in Lagos, in a landmark judgment, has “ordered the disclosure of the spending details of over N200bn public funds collected by the government of former Delta State governor Ifeanyi Okowa from the Universal Basic Education Commission [UBEC] fund and allocations from the Federation Accounts.” The court ordered the Delta State Governor Sheriff Oborevwori to “disclose details of budgetary allocations and actual spending by the Okowa government between 2015 and 2019, including specific projects carried out to improve primary education in Delta State, and the locations of such projects.” The judgment was delivered by Honourable Justice Daniel Osiagor, following a Freedom of Information suit number: FHC/L/CS/803/2019, brought by Socio-Economic Rights and Accountability Project (SERAP). In his judgment, Justice Osiagor held that, “SERAP has cognizable legal right to inquire and

Olu Of Warri Defends Tradition, Speaks on Christianity

Olu Of Warri Defends Tradition, Speaks on Christianity The Olu of Warri, His Majesty Ògíamẹ̀ Atúwàtse III, has dispelled the insinuation that there is a conflict between the traditional thrones and Christendom. The monarch, who stated this when he received the Soun of Ogbomoso land, Oba Ghandi Afolabi Olaoye, Orumogege III, in his Palace in Warri Kingdom, Delta State, said that the two institutions were not necessarily antithetical. He also debunked the assumption that traditional institutions were synonymous with fetishism and the worship of creations made by human beings and reasoning. He, however, noted that the two institutions can play complementary role that will contribute to the growth and development of the country. The Olu, who said he was elated by the Soun’s visit, said the new Ogbomoso monarch’s choice of Warri kingdom as his first place of visit was divinely directed, just as his choice for the throne was divinely ordained. He said that they owe i

Many Benefited as Tantita Save Niger Delta From Enviromental Ruins

Many Benefited as Tantita Save Niger Delta From Enviromental Ruins It is on record over the past twenty years in the Niger Delta region, South-South Nigeria where incessant fire disaster and untimely death was on the increase in weekly basis as result of the activities of illegal oil bunkering, especially the process of local refining popularly known as Kpo-Fire. The menace also renders our young married ladies widows in the ljaw riverine communities because most of their life partners venture into the Kpo-Fire business due to its lucrative nature in making quick money. To proof your doubt, take a tour to any of the ljaw riverine communities across Burutu, Warri South-West, Bomadi, Patani in Delta State, and Southern ljaw, Ekeremor, Nembe and Brass LGAs in Bayelsa State, you will discovered that most of our youths are facially disfigured in parts of their body as result of severe fire accident incurred during cooking and burning (refining) of crude oil to kerosene, fuel and desiel for

FocalPoint Reports

Search This Blog