Union Bank of Nigeria Plc is single-handedly financing the acquisition of a state-of-the-art merchant vessel (MV) C-Racer by Rangk Limited, an indigenous company.
Speaking during the commissioning ceremony of the ship in Lagos, Mrs. Funke Osibodu, Group Managing Director (GMD) of the bank said the funding of the vessel was one of the many developmental projects sponsored by the bank for national economic development.
The GMD who was represented at the occasion by Philip Ikeazor, executive director, Corporate, International and Investment Banking and Treasury said it was a partnership between the bank and Rangk Limited; stressing that the bank would continue to demonstrate its strong fundamentals in all sectors of the economy.
Also speaking at the commissioning, Rear Admiral Ndubuisi Kanu (rtd), Chairman of Rangk Limited said “we are glad that Union Bank of Nigeria single-handedly financed the construction of M/V C Racer.”
He called on other banks and financial institutions to be committed in the financing of ship building for indigenous operators.
Ndubuisi also implored the Federal Government and the Central Bank of Nigeria to take urgent steps to restructure the lending interest regime so as to make it friendlier to the maritime industry.
The brand new merchant vessel is of Model CB-180 A; a squad screw diesel powered aluminium crew boat, suitable for ocean service and built by the Midship Marine Company, Louisiana United States of America.
The boat was built to the United State Coast Guard and ABS Class's regulations to carry 80 passengers and 8 crew members which may be deployed for various supply services to the oil and gas companies.