₦airaland Forum

First Abu Dhabi Bank has announced that it will open a representative office in Lagos, Nigeria, as part of its sub-Saharan expansion push.

This was disclosed on Monday at the first Investopia Africa event held in Lagos by the Group Head of Wholesale Banking at First Abu Dhabi Bank, Martin Tricaud.

The PUNCH reports that First Abu Dhabi Bank partnered with Afreximbank to provide $1.126bn in financing for the execution of Phase 1, Section 2 of the Lagos–Calabar Coastal Highway.

Speaking during a panel session that included the Lagos State Governor, Babajide Sanwo-Olu, and the Managing Director of the Nigerian Ports Authority, Abubakar Dantsoho, the banker said, “We have a presence in 21 countries today, and very soon it will be 22, with a presence in Nigeria. This is the outcome of a long reflection and study. We were absolutely convinced that we needed a presence in sub-Saharan Africa. We have a presence in Egypt. We have a presence in Libya.

“But there was an obvious gap in our geographical footprint. We looked at Africa and thought that Africa is really the future of the world economy. This is a continent growing between six per cent and eight per cent in terms of GDP every year.

“This is a population that is still growing—1.4 billion people today, but very likely to reach two billion, or at least 1.8 billion, in the next few decades. So, the opportunity is there. We reviewed several possibilities and concluded that Nigeria, and Lagos in particular, offers a great opportunity to establish our first footprint in sub-Saharan Africa. So, we will open a representative office. Hopefully, that will happen this month or next, or very, very soon.”

Tricaud added that the representative office would serve to develop the bank’s business in Nigeria, “but also to cover the entire West African region. So, in our view, this is a regional representative office that we will operate from Lagos, recognising the regional role of Lagos as a financial hub.”

Speaking on investments by the United Arab Emirates in Nigeria, Tricaud said, “The UAE is very strong in the energy sector, both conventional and renewable. So, it was very natural for us to look first at energy. Nigeria is a major oil and gas country and we have developed good relationships and done good business with a number of companies in the public and private sectors.

“That was good, but we felt there were more opportunities. You mentioned the Coastal Road, and we were absolutely delighted to work very closely with the Ministry of Finance, HITECH, and the Chagoury Group to play a meaningful role in financing the Lagos–Calabar coastal project. I visited the work site a few months ago and was very impressed with the speed of construction and the impact it will have on the local economy.”

He added that the bank works with other stakeholders to raise capital.

He stated, “We have mobilised a significant amount of capital, not on our own. There will be distribution and syndication. We have also done this with partners from the Islamic Development Bank. It shows that Nigeria can attract international capital into infrastructure. That is just the beginning, in my opinion.

“There will be much more to come in the near future, particularly in infrastructure; roads, highways and related projects.”

https://punchng.com/first-abu-dhabi-bank-to-open-nigerian-office-in-sub-saharan-push/#google_vignette

Today, I met with the UAE Minister of Investment, H.E. Mohamed Hassan Alsuwaidi, at the Eko Convention Centre and took part in the Nigeria–UAE Investment Forum, Investopia Global Africa.

Our discussions were focused on practical ways Nigeria and the UAE can deepen investment and drive growth. Lagos is open and ready to partner with both local and international investors. We have continued to invest in infrastructure, improve the business environment, and ensure our state is a safe and secure place to do business.

For Lagos to grow at the pace we envision, we need partners who share our ambition. Today’s engagement was a meaningful step in that direction, and I am confident the groundwork laid will lead to real, measurable outcomes for our economy.

Babajide Olusola Sanwo-olu
Executive Governor, Lagos State

Wotowotoman:
You are not asking yourself why Coca Cola is running away from countries that are making it difficult for them to operate because of dangers to the health of the citizens of those countries? You think it’s a good thing that Coca Cola is being allowed to come and dump their sugary cola drinks that will increase type 2 diabetes and other related diseases in Naija?

If anything, we should be celebrating if Coca Cola decides to leave Naija. Nigerians are truly hopeless and senseless. Imagine politicizing something that should be a cause for concern for Nigerians? Very embarrassing

Is First Abu Dhabi bank also running away from UAE because of dangers to health of citizens? Will the Bank’s decision to start operation in Nigeria also lead to type 2 diabetes? Should we celebrate this one or you’re going to come up with another set of reasons why it is bad?

Yes, this is good news at least they are not coming for retail banking but focusing on financing critical projects.

Now, Tinubu - who loves to borrow away the future of Nigerians - doesn't have to solely depend on weak Nigerian banks, China and Afrexibank anymore 🙂🙂

Dem don start again. Irọ pọ. Where's the result of the 1st dubai mou, the first one signed in qatar nko? Mtcheew. I thought Nigeria had grown past all these deceits. As usual, sycophants will soon flood this thread drooling over this.

Abeg, we need cheaper credit. With a functioning credit registry in place, return of capital is well covered. Single-digit rates should be achievable.

Why didn't they open in our Region instead

FIFA, CIA, UNESCO go hear from us

No development for una

Audio investments we have been reading since may 2023. When will all those statements translate to what Nigerians can see??

Good moves. I hope this will help in facilitating export/import deal between both countries and beyond. Looking forward for a huge opportunity that this will offer Nigerian businesses.

Eriokanmi:
Dem don't start again. Irọ pọ. Where's the result of the 1st dubai mou, the first one signed in qatar nko? Mtcheew. I thought Nigeria had grown past all these deceits. As usual, sycophants will soon flood this thread drooling over this.

That's how they lied that Dangote would build a refinery.

seunmsg:
https://punchng.com/first-abu-dhabi-bank-to-open-nigerian-office-in-sub-saharan-push/#google_vignette

Babajide Olusola Sanwo-olu
Executive Governor, Lagos State

WOW!!!!🎉👍👏.
Nigeria Of Our Greatness Is Possible.
God Bless Tinubu.
God Bless Nigeria and Nigerians.
We can be A GREAT Nation,If We Allowed PEACE and,
If We Allowed PATRIOTISM TO REIGNS IN NIGERIA .

A good one for the Ragos region.

Igbo men will borrow from here and use it to buy more lands in Ragos and install Eze gbugugbugu 1 of Ikotun.

Money na water.

Sub-saharan push indeed!🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

Arabs, like Jews are spreading inside every nook and crannies if the World.

Crazy times ahead.

seunmsg:
https://punchng.com/first-abu-dhabi-bank-to-open-nigerian-office-in-sub-saharan-push/#google_vignette


Babajide Olusola Sanwo-olu
Executive Governor, Lagos State

pls we should help support this man in Power in building a better country. Tinubu might not be the best overall, but the man too is trying, intead of throwing insult everyday, we should unite and push our country foward. We should as much to detach ourselves from bigotry

This is a strong vote of confidence in Nigeria’s economy.

The partnership with Afreximbank to finance the Lagos–Calabar Coastal Highway is even more significant.

Nothing can beat Opay and other fintexh microfinance bank.

I'd even consider Jaiz bank but I'll stay with my Opay...

Can't remember the last time I went out with my ATM card....

I do transfer basically everyday and without card.....

Even a market woman selling only salt has a bank you can transfer to and she will receive alert instantly...

StonesA:
pls we should help support this man in Power in building a better country. Tinubu might not be the best overall, but the man too is trying, intead of throwing insult everyday, we should unite and push our country foward. We should as much to detach ourselves from bigotry

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

Really? Wow. I'm surprised.

JASONjnr:
Nothing can beat Opay and other fintexh microfinance bank.

I'd even consider Jaiz bank but I'll stay with my Opay...

Can't remember the last time I went out with my ATM card....

I do transfer basically everyday and without card.....

Even a market woman selling only salt has a bank you can transfer to and she will receive alert instantly...

I'm shocked you are saying this.

Flangelo12:
That's how they lied that Dangote would build a refinery.

No mind them,, they also said that they will build one useless yeye Lagos Calabar coastal road.

What's happening in Nairaland?

These APC paid agents aren't posting up and down about their master "stragegist"

Ogege!🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

Top admins please unban them. The forum is becoming boring without them. 🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

SmartPolician:
Yes, this is good news at least they are not coming for retail banking but focusing on financing critical projects.

Now, Tinubu - who loves to borrow away the future of Nigerians - doesn't have to solely depend on weak Nigerian banks, China and Afrexibank anymore 🙂🙂

Peter Obi will still lose in 2027

Idaytesj29:
Peter Obi will still lose in 2027

What am I supposed to do with this piece of useless information?

seunmsg:
https://punchng.com/first-abu-dhabi-bank-to-open-nigerian-office-in-sub-saharan-push/#google_vignette


Babajide Olusola Sanwo-olu
Executive Governor, Lagos State

Another audio
Nawa oo
We have lost count already
God save us from propaganda govt

The PUNCH reports that First Abu Dhabi Bank partnered with Afreximbank to provide $1.126bn in financing for the execution of Phase 1, Section 2 of the Lagos–Calabar Coastal Highway.

All external loans should stop.

Nah sharial laws
Remain. Bdat

Hope it in good faith not trying to sponsor terrorism like they are known for..

The cocaine sniffing baron can now borrow from them instead of borrowing from away matches.

The PUNCH reports that First Abu Dhabi Bank partnered with Afreximbank to provide $1.126bn in financing for the execution of Phase 1, Section 2 of the Lagos–Calabar Coastal Highway.

All foreign loans should stop.
It appears as if there are a few people in the federal government, and the lending institution who get commissions from these loans.
When the federal government takes external loans, they indirectly take money from the general Nigerian population through multiple/increased taxation, and excessive inflation.

TheStoriesOfMan:
I'm shocked you are saying this.

That’s simply the level of his understanding.

COMRADES, all this eyes to please Tinubu will definitely fade away when Tinubu leaves office in the next two years

Provided

You don't come here and be funding Islamic terrorists