Skye Bank Commits $500m to Maritime Sector

As part of its commitment to the development of the Nigerian maritime industry, Skye Bank Plc has granted credit facilities amounting to $500 million to operators in the industry in recent times.

The amount represents money provided to indigenous ship owners and other stakeholders for the acquisition of ships and other critical work tools to enable them play an active role in the industry.

The bank’s General Manager, Segun Opeke, in charge of the Corporate Banking 11 Group responsible for the Maritime and Aviation sector, disclosed this recently at a forum of maritime stakeholders, noting that the bank was prepared to expand its credit lines to the operators to further develop the industry.

According to him, the bank was responsible for the provision of credit facilities to indigenous ship owners for the acquisition of an estimated 50 per cent of the entire indigenous fleet in the country.

Many operators attested to the bank’s influence on the development of the industry, particularly in the participation of indigenous shipping companies in general cargo business and oil movement in the coastal areas.

Skye Bank has been widely acknowledged by maritime operators for its pioneering role in maritime financing and has won many awards in this regard.

Recently, the bank won the “the most progressive maritime bank” award in recognition of its pioneering role in maritime banking as well as for its contributions to the growth and development of the maritime industry in Nigeria.

The bank was given the award by the Nigerian Chamber of Shipping (NCS) at its 10th anniversary at a special event to recognize and appreciate individuals and corporate bodies that have facilitated the growth of the domestic shipping industry.