Skye Bank grants N450bn loans to energy firms

isaac

June 16, 2015 5:46 PM

Skye Bank PLC says it has given out huge loans to energy firms.

Skye Bank

Skye Bank PLC says it has given out N449.872 billion loans to energy firms in two years, between 2013 and 2014. Specifically, the bank’s Annual Report and Financial Statement for the 2014 financial year, showed that the bank recorded total loans and advances of N651.261 billion in 2014, compared to N549.858 billion in 2013.

Out of these loans, the N240 billion issued in 2014, represented 36.97 per cent of the year’s total to energy firms, while in 2013, the N209.076 billion loans, represented 38.02 per cent of the year’s total to the firms.

A breakdown of the bank’s loans to the energy sector is as followed:

In 2014 oil and gas downstream companies – N21.304 billion;

oil and gas engineering services companies – N79.456 billion; oil and gas upstream companies – N120.678 billion,

power sector companies – N19.358 billion.

In 2013, oil and gas downstream customers – N20.554 billion;

oil and gas engineering services companies – N70.656 billion;

oil and gas upstream companies – N105.772 billion; and,

power sector customers – N12.094 billion.

Board executives related loans

isaac