Fidelity Bank lauds NNPC, Oilserv, pledges support for $2.8bn AKK gas project


High Nigerian lender, Constancy Financial institution Plc, Tuesday recommended the Nigerian Nationwide Petroleum Company (NNPC) and Oilserv, contractors to the $2.8bn Ajaokuta – Kaduna – Kano (AKK) Gasoline Pipeline Challenge, which was flagged off Tuesday, June 30, 2020, with the bottom breaking ceremony at Ajaokuta, Kogi State. Designed according to the important thing aims of the Federal Authorities of Nigeria’s Gasoline Masterplan, the AKK Challenge was borne out of the necessity to not solely enhance home fuel utilization within the nation, however scale back the infrastructure deficit plaguing the oil and fuel Business.


Talking throughout the floor breaking ceremony, President Muhammadu Buhari mentioned the landmark challenge was being developed at a essential time in Nigeria’s historical past, notably now when it has turn into crucial to enhance the nation’s infrastructure asset. The AKK Gasoline Pipeline Challenge, he mentioned will present fuel for era of energy, facilitate the event of latest industries and revive moribund industries alongside transit cities in Kogi State, Abuja (FCT), Niger State, Kaduna State and Kano State.


“When operational, the cascading impact and affect of the challenge can be immeasurable. It has vital job creation potential each direct and oblique, whereas fostering the event and utilization of native expertise and manpower, know-how switch and promotion of native manufacturing” the President mentioned.


The Managing Director of NNPC, Mallam Mele Kyari recommended the Nigerian President for the governments push and help to jumpstart the challenge which he mentioned, is essential to nationwide growth.  Kyari defined that the challenge, when accomplished, will create an enabling setting for growth, including that NNPC has the capability to ship and create alternatives for the expansion of different industries in Nigeria.


Additionally talking on the ceremony, Constancy Financial institution CEO, Mr. Nnamdi Okonkwo acknowledged that that the financial institution was delighted to be related to the laudable initiative to enhance fuel provide, improve energy era and enhance the productive capability of the Nigerian Industrial sector. Okonkwo who was represented by the Government Director, North, Mr. Hassan Imam pledged Constancy Financial institution’s dedication to Oil Serv, the contractor of this challenge.


“As accomplice/banker to Oilserv, we’re glad to satisfy all of the monetary obligations and different funding wants, required to efficiently execute this challenge” he added. Leveraging on its know-how and capability, Constancy Financial institution Power Desk supplies help to companies within the oil and fuel worth chain. The financial institution’s help for native content material growth, based on Constancy Financial institution’s Government Director, Company Financial institution, Mr. Obaro Odeghe “underscores our help for the key infrastructure initiatives of the Federal Authorities, and our buyer, Oilserv Restricted; a market chief within the oil servicing house”.


Oilserv Restricted is an indigenous Engineering Procurement, Development and Set up (EPCI) firm. The Firm supplies EPCI providers to Energy and Oil & Gasoline Corporations /Industries and have executed a number of landmark pipeline and fuel infrastructure tasks together with OB-Three Pipeline Contract, OB-OB Challenge and presently the AKK pipeline challenge.


Chairman & CEO, Oilserv Restricted, Mr. Emeka Okwuosa assured Nigerians that the challenge can be delivered inside the contractual phrases, including that the corporate has the capability to deal with such a monumental challenge. “We’re prepared for it and what we’re doing immediately is the official flag off which is floor breaking. We’re already working and laying the strains”, he acknowledged. In line with him the corporate had already employed over 600 staff, stating that this can be elevated to 1000 or 15000 sooner or later.


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