Group Managing Director/CEO of Access Bank, Herbert Wigwe has said the Bank plans to support more developmental projects as part of its strategic objectives towards Nigeria’s economic development and wealth creation.
Mr. Wigwe said this during the signing ceremony of the N94.9bn 5-year Medium Term Loan (MTL) for Oando Plc with a view to optimize the company’s balance sheet towards greater efficiency and improve its working capital.
The financing by a consortium of Nigerian banks is coordinated by Access Bank Plc as the mandated Lead Arranger.
According to him, the transaction further signifies the solid commitment from Nigerian banking institutions to support sustained growth and development of the Nigerian oil and gas sector in these trying times.
“As we all know, Oando is the largest indigenous oil and gas player in the Sub Saharan Africa and this MTL facility would allow it to optimize its balance sheet towards greater efficiency and improve its working capital,” Wigwe said.