Jevkon Oil and Gas Limited, a leading indigenous maritime transport company, recently received tremendous commitment from Finbank Plc to finance the purchase of a new vessel.
Group Managing Director of Finbank, Mrs Suzanne Iroche, at the commissioning of the vessel at the Apapa Port terminal, Lagos, said the bank’s involvement in the financing of the vessel was a demonstration of its commitment to the success of the Cabotage Act 2003 as well as the growth of the Nigerian economy.
Essentially, the Act as enacted seeks to develop and increase indigenous tonnage by stipulating that the subject to the licensing requirements and waivers embedded in it, all vessels engaged in cabotage in Nigeria must be registered in Nigeria, owned by Nigerians, carry Nigerian flag and operated by Nigerians.
Mrs Iroche said that the implementation of the cabotage law will have a positive effect on the economy as it is capable of generating millions of job opportunities for Nigerians.
This knowledge, according to her, prompts the bank’s involvement in financing of various maritime transactions and its resolve to develop and manage the relationships of the sector appropriately.
“The banks involvement is a testimony of its strength as a financial institution. We shall continue to finance projects that will add value to the Nigerian economy,” she added.
Earlier on, the Managing Director of Jevkon Oil and Gas Ltd, Dr Mk George Onyung, in his address lauded the bank for the confidence it reposed in his company by financing the purchase of the vessel.
Onyung assured that his company was committed to maritime business and would ensure that the vessel is managed profitably to encourage the entrant of other indigenous operators in the industry.
He, however, noted that he recognised the invaluable contribution that economic and trade diversification could make towards better trade and economic growth performances of African economies, “deems it an honourable duty to contribute towards expansion of direct and indirect infrastructure, need to diversify African economies and exports away from the production and export of primary commodities”, he said.
“We will limit our business to shipping which controls about 80 per cent of global business, which is largely untapped in Nigeria. Our target is to acquire a production ship. There are only 12 of them in Nigeria and none is owned by a Nigerian,” he said.
According to him, he said Finbank is the catalyst which enabled the realization of the company’s dream of owning a vessel. “FinBank Plc has been our invaluable partner in business. Their belief in our expertise and proven experience in the industry has led to a relationship of trust and understanding that gives us the leverage to excel.