Fidelity Bank boosts investment drive in energy sector
Fidelity Bank Plc
Posted Thu, 05 Jan 2012
Fidelity Bank Plc has unveiled its plans to continue to support energy inclined projects across the country. The Managing Director and Chief Executive Officer, Reginald Ihejiahi, in an interview with The Guardian recently said the company has in recent past funded some viable projects in the oil and gas and power sector, and still willing to stretch its financial support to other reasonable projects in the sector. Stakeholders had lamented that Nigerian banks are not doing enough towards supporting energy projects, but Ihejiahi said Fidelity Bank was a bank to recon with in terms of project development financing. In line with its commitment, the Company was part of the consortium of Nigerian banks that recently financed a 128kilometer of natural gas pipeline by Oando Plc, an indigenous oil marketing company. The Fidelity Bank boss said: The impact in this part of the national economy will be enormous, He assured that the company is coming up with a number of projects, which would be unveiled in no distance future. We have quite a sizable pipeline, but the most important thing is to go with the right kind of promoter who has taken pains to structure the projects the way it can be financeable, so we have so many major pipeline projects that we will begin to release over the coming months and years Our expectation at Fidelity Bank Plc is that more equally serious promoters would come up with this kind of vision, institute projects that are well put together and we will be very glad to sponsor those projects and support them wilfully, because that is the only way to develop the real economy of our country.
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