Fidelity Bank finances 30 percent power sector

Electric-power-plant11 November 2013, Lagos – Fidelity Bank has made 30 per cent funding to the power sector as the sector is essential to the functioning of the economy. Mr Ik Mbagwu, Executive Director, Lagos & Southwest, Fidelity Bank who represented the Managing Director of the bank, Mr Reginald Ihejiahi at the Bank’s Special Day at the 2013 Lagos International Trade Fair said its role as a catalyst to the nation’s economy has been pronounced over the years.

He said that the bank recently financed the Dorman Long Hot Dip Plant in Lagos, the Akute Independent Power Plant, the GZ Industries Can Manufacturing Plant in Ogun State and the 10.4KW Alausa Independent Power Project as a way of improving power sector of the economy. He pointed out that the bank funded 30 per cent of these projects along with other banks.

He noted that the GZ manufacturing plant is currently producing over a million gas and the industry is serving companies like Guinness, Nigeria Breweries, Nigeria Bottling Company. He added that the GZ plants and the Fidelity Bank are setting up another one in Aba that will double the capacity of that of Lagos.

He pointed out that the bank’s success story is anchored on improved service quality, innovative products and services tailored to meet the varying needs of its numerous customers, which is beyond generic financial intermediation.

The President of Lagos Chamber of Commerce and Industry, Mr Goodie Ibru commended the bank, saying that the bank has investment, credit and e-banking channels tailored to meet customers banking needs and are also available at the bank stand at the Trade fair and at any of its branches nationwide.

– Leadership

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