Barclays Bank signals interest in financing Nigeria’s oil, gas projects
… as Engr. Komolafe, CCE NUPRC says recent deals show IOCs restructuring portfolios, not exiting Nigeria
Oredola Adeola
Barclays Bank Plc, a major British multinational bank, has announced its readiness to finance oil and gas projects in Nigeria, according to its Director of Private Banking, Karitkeya Rai.
The Director of Private Banking at Barclays, during a visit by the bank’s representatives to the corporate headquarters of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja.
Engr. Gbenga Komolafe, NUPRC Chief Executive, while corroborating the position of the multinational bank, noted that recent agreements in the petroleum sector, such as the Production Sharing Contract between NNPC and TotalEnergies, demonstrate that International Oil Companies are not leaving Nigeria but are instead restructuring their investment portfolios.
Komolafe said, “There have been misconceptions in the public that IOCs are leaving Nigeria because of the recent divestments in the sector.
“But this is not true. What has been happening is that IOCs have been rebalancing their portfolios.
“IOCs participated in the last bid rounds.
“The recent signing of the production sharing contract between NNPC and TotalEnergies is another evidence that Nigeria remains an investment hub,” NUPRC Chief Executive.