StanbicIBTC To Boost Energy Infrastructure With N350Bn
Stanbic IBTC is about launching a N350 billion infrastructure fund programme as part of its efforts to support its customers’ activities in the energy and infrastructure sectors.
The Chief Executive of Stanbic IBTC Holdings, Dr Demola Sogunle, made the disclosure at the 2024 “Energy and Infrastructure breakfast session” held by Stanbic IBTC Bank, in Lagos.
Sogunle, said the bank was already seeking the approval of the Securities and Exchange Commission (SEC) for the “Stanbic IBTC Infrastructure Fund 2,” adding out that the infrastructure funds are being managed by one of the Stanbic IBTC subsidiaries, thus underscoring the bank’s capacity to raise funds to support its customers and clients.
He reiterated the bank’s commitment to supporting key sectors and industries that drive Nigeria’s economic growth, stating that the session, which brought together stakeholders and experts from the Nigerian energy and infrastructure market was aimed at educating potential clients about the energy and infrastructure solutions that the financial institution offers as well as highlighting its expertise and extensive experience in “delivering bespoke solutions for these pivotal sectors and their respective value chains.”
He noted that as the biggest investment of Standard Bank (the continent’s largest lender) outside of South Africa, the largest forex liquidity provider outside of the Central Bank of Nigeria (CBN) and the only financial institution in the country with a triple A retaining from Fitch Ratings, Stanbic IBTC is well positioned to provide adequate support for the activities of its clients and customers in the area of energy and infrastructure.
The bank has almost exhausted its N100 billion infrastructure fund.
