FCMB finances multi-billion Naira ultra modern tank farm

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An ultra modern petroleum products tank farm, with capacity to store 45,280,000 litres 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 and also to meet the growing demand for petroleum products storage facility.

The multi-billion Naira 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).

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, the Divisional Head, Corporate Banking of FCMB, 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,’’ pointing 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, Adebowale Olujimi, said the company’s decision to own a tank farm was 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,” Olujimi said.

“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.

Olujimi said that as part of the company’s Corporate Social Responsibility and especially, giving back to the host community, “we have commenced the construction of a 2km road and standard drainage system with the support of other stake holders.

“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.

FCMB is a member of FCMB Group Plc, 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 through the offering of innovative, easy to use and helpful products and services.

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