FCMB Finances 45 million Litres Ultra Modern Petroleum Products Tank Farm

Posted by African Examiner Brands & Marketing, Business News, Energy Wednesday, March 5th, 2014

An ultra modern petroleum products tank farm, with capacity to store 45,280,000Litres of petroleum products, funded by First City Monument Bank (FCMB) Limited has been commissioned.

The project, sponsored by Emadeb Energy Services Limited, was funded by the Bank as part of its contributions to the development of Nigeria’s oil and gas sector.

It is to also meet the growing demand for petroleum products storage facility.

The Divisional Head, Corporate Banking of First City Monument Bank (FCMB) Limited, Mr. Ola Olabinjo; the Managing Director of Skye Bank Plc, Mr. Kehinde Durosinmi-Etti and the Managing Director of Emadeb Energy Services Limited, Mr. Adebowale Olujimi, at the commission of the oil depot of the company on Thursday, February 27, 2014. The project was funded by FCMB.

The facility comprises of three Premium Motor Spirit (popularly known as petrol) tanks of 10,280,000 Litres each; two tanks of 7,220,000 Litres each for Dual Purpose Kerosene and Automotive Gas Oil (or Diesel). The multi-billion Naira depot is located at Ijegun, close to the Amuwo Odofin area of Lagos state.

Among other unique features, the Emadeb Energy Services Limited tank farm has an automated loading system, (which will help to save loading time and spillage), dedicated jetty and a truck park.

Speaking at the commissioning ceremony in Lagos on Thursday (February 27, 2014), the Divisional Head, Corporate Banking of FCMB, Mr. Ola Olabinjo, stated that the Bank’s decision to finance the tank farm was borne out of its commitment to the success of the Local Content Act of the Federal Government of Nigeria.

He added that, “we are committed to empowering indigenous operators in the oil and Gas sector to realise their full potentials’’.

Mr. Olabinjo pointed out that the completion of the tank farm within a record time ‘’is a demonstration of FCMB’s capacity in project financing. We believe that this will boost the storage and supply of petroleum products”.

He disclosed that FCMB had funded various projects in the Oil and Gas sector, especially in Oil Services and Upstream sectors.

Also speaking, the Managing Director/Chief Executive Officer of Emadeb Energy Services Limited, Mr. Adebowale Olujimi, said:

“The Company’s decision to own a tank farm is as a result of its growth strategy and commitment to taking its business to the next level. With the completion of the new state of the art facility, the new Emadeb is a one stop shop for all refined petroleum products.

“The facility, which is first of its kind, is fully automated with software to track activities from any part of the world.

“It is expected that this software will amongst other things monitor discharge, sales and loading of products.

The dedicated jetty and the modern truck park will eradicate delays at the point of discharge as well as traffic congestion usually experienced around depots.

“Equally worthy of note is the bringing on board of some of the best hands in the industry for effective and efficient use of these facilities to serve our customers better.

“Emadeb Energy will like to use this medium to thank our Bankers for making this expansion plan possible and at the same time assure our clients of our commitment to always deliver professional services.”

First City Monument Bank Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of personal and business aspirations.