C&I Leasing lauds BoI, FCMB’s support in oil service vessel acquisition

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The Managing Director of C & I Leasing Plc, Mr Andrew Otike-Odibi, has praised the First City Monument Bank (FCMB) and the Bank of Industry (BOI) for their support for Nigerian companies to acquire vessels to boost local participation in the oil and gas industry, THISDAY reports.

Otike-Odibi, who made the commendation at the unveiling of an 80-tonne vessel jointly financed on behalf of C&I Leasing Plc by both financial institutions said the vessel was the biggest addition to its fleet of vessels.

He said the financing revealed the federal government’s commitment to boosting its local content policy in the oil and gas sector. According to him, the acquisition of the vessel would reduce foreign exchange demand, increase human capacity development and the number of vessels in the company’s fleet.