Exxon Partners Nigeria Banks for $8.6 Billion Contractors’ Funds – Bloomberg

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Exxon Partners Nigeria Banks for $8.6 Billion Contractors’ Funds – Bloomberg

Exxon Mobil Corp.’s Nigerian unit partnered with 12 lenders in the nation to make $8.6 billion available to its contractors, helping them fulfil obligations to the world’s biggest oil producer by market value.

The financing will give Exxon Mobil’s contractors “better and quicker funding options to execute their contracts speedily,” Mark Ward, the managing director of Exxon Mobil upstream affiliates in Nigeria, said in e-mailed statement.

The lenders providing the facility are Zenith Bank Plc, FBN Holdings Plc’s First Bank unit, Guaranty Trust Bank Plc, United Bank for Africa Plc, Standard Bank Group Ltd.’s Stanbic IBTC, Union Bank of Nigeria Plc, Fidelity Bank Plc, First City Monument Bank, Union Bank of Nigeria Plc, Access Bank Plc, Citigroup Inc. and Standard Chartered Plc’s local units.

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