The Group Chief Executive Officer of Nigeria National Petroleum Corporation Limited (NNPCL) Mele Kolo Kyari has met with a high-level team from First Abu Dhabi Bank, which included the Special Adviser for Africa, Fouad Nicolas Trad, and the Executive Director, Financial Institutions Group, Middle East and Africa, Jaiyeola Dauda.
According to information made available on its official Twitter handle now known as X, The meeting was centered on areas of collaboration in project financing in the nation energy sector, amongst others. The financial institution is also expected to assist the corporation to execute some its numerous ongoing projects.
First Abu Dhabi Bank is the largest bank in the United Arab Emirates It was formed following a merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD). FAB offers financial solutions, products and services through its Corporate and Investment Banking and Personal Banking franchises.
The present ability of Nigerian National Petroleum Corporation (NNPC) to seek external funding is owing to it transformation to NNPC Limited (NNPCL). NNPCL is a brainchild of the Nigerian Petroleum Industry Act (PIA) which was passed into law in August 2021. The NNPC was a state-owned and controlled corporation licensed to operate in the country’s petroleum industry which utilized the country’s fossil fuel and natural gas reserves by partnering with foreign oil companies. The new NNPCL, while still wholly owned by the State, is intended to operate as a fully commercial venture without government funding (besides the initial capitalization) or control and is expected to be regulated by the Companies and Allied Matters Act 2020.
