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Mauritius Commercial Bank to open Nigeria office in Africa growth plan

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Members stroll in the course of the Africa CEO Discussion board on the Sofitel Lodge Ivoire in Abidjan, Ivory Coast June 13, 2022. REUTERS/Luc Gnago

ABIDJAN, June 14 (Reuters) – Mauritius Business Financial institution (MCB), the Indian Ocean island nation’s largest financial institution, will open a consultant workplace in Nigeria in months because it seeks to broaden past oil and fuel offers to cowl renewables and mining, a senior government mentioned.

MCB, which has $850 million in publicity in Nigeria, already has consultant workplaces in Nairobi and Johannesburg as a part of its push into Africa, along with its workplaces in Dubai and Paris.

Thierry Hebraud, head of company and institutional banking, instructed Reuters on the sidelines of the Africa CEO Discussion board in Abidjan the pandemic had delayed plans for the Nigeria workplace however they have been now within the ultimate part of central financial institution approval.

“At this time, greater than 50% of our stability sheet is outdoors Mauritius, and the key half is in Africa,” he mentioned. “I consider throughout the subsequent couple of months, we shall be working the brand new consultant workplace in Nigeria.”

Hebraud mentioned the financial institution now targeted on structured finance within the upstream and downstream oil and fuel business and the oil commerce, and was trying to broaden into renewables and mining.

Till now, it has dealt with offers from its Port Louis headquarters together with aiding Nigerian firms as they transfer to amass property placed on sale by worldwide oil corporations.

Learn extra: Nigeria okays subsequent step for brand new fuel pipeline through Morocco to Europe

“We consider we’ll proceed to develop within the oil and fuel sector, however at a slower tempo. We’ll positively develop within the power and infrastructure,” he mentioned.

Hebraud mentioned banks wanted to help Africa’s oil and fuel business to supply the power for the continent to develop, despite the fact that local weather change was driving a shift from fossil fuels.

“Think about all banks withdraw from the this sector, you’ll shutdown the electrical energy of half the continent,” he mentioned.

The Nigeria workplace would finally cowl Ghana, a neighbouring West African oil producer which additionally exports cocoa and mines gold, Hebraud mentioned.

MCB already has publicity value about $300 million in Ghana, and an extra $200 million in Senegal and Ivory Coast. Its purchasers embody Turkey’s Karadeniz, which operates floating powerships in a number of West African nations.

(Reporting by Bate Felix; Enhancing by Joe Bavier and Edmund Blair)

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