Peter Egwuatu
30 August 2007
Stanbic Bank Nigeria, which is in merger process with IBTC Chartered Bank, is again in the forefront of Nigeria's economic advancement with the choice of the bank as the Programme Manager for the US$350 million Nigerian Content Support Fund (NCSF).
The NCSF is promoted by the Federal Government, through the Nigerian National Petroleum Corporation (NNPC), to provide debt capital to the Nigerian Oil Service Providers (NOSPs) for the execution of contracts awarded to the NOSPs by the NNPC and it's Joint Venture Partners (JVPs).
The aim of the fund is to drive government's vision of attaining 70 per cent local content in the oil and gas sector by 2010. The NCSF Customer Forum Event will take place in Abuja on Friday, August 24th 2007.
According to the details of the fund operation, Stanbic Bank, in its capacity as the Programme Manager will play dual role as fund administrator and manage the relationship between the NCFL and the NOSPs.
Greg Brackenridge, Managing Director of Stanbic Bank West Africa, while expressing delight at the appointment of Stanbic Bank Nigeria, said the choice is evident of the fact of the numerous offerings the Standard Bank Group is bringing to Nigeria as it hopes to seal its merger with IBTC Chartered Bank.
"By the appointment, Stanbic Africa Holdings Limited (SAHL), the parent company of Stanbic Bank Nigeria, is already showcasing the benefits of its sought_after merger with IBTC Chartered Bank. The benefits include the deployment of its international networks to facilitate the introduction of world class financial technological infrastructure to ensure best of breed global banking practices for which the Standard Bank Group has received numerous awards," he said.
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