The Group Managing Director/Chief Executive Officer, First City Monument Bank Limited, Mr. Ladi Balogun, has assured that the bank will continue to support projects and initiatives that are aimed at boosting economic growth
He stated this at the opening of the multi-billion naira Solous 1 Material Recovery Facility at Igando in Lagos State recently.
A statement by the bank said FCMB acted as the senior lender to the project, while FCMB Capital Markets Limited acted as the sole financial adviser and arranger.
The facility adopts low and mid technology with a wide range of waste recycling and materials recovery equipment.
The project was undertaken by WestAfricaENRG Limited under the terms of a concession agreement with the Lagos State Government.
According to the statement, the waste management solution proffers environmental benefits including, improved air quality, waste minimisation and improved soil quality.
Balogun was quoted as telling participants at the inauguration of the facility that the FCMB’s funding and support of the project was part of its contributions to the well-being of the society and the nation’s economy.
‘’We are particularly proud to be associated with this waste-to-wealth project as it will go a long way to improve waste management in the state, therefore promoting a cleaner and safer environment, and a healthier populace, whilst creating employment and income opportunities’’, he said.
Balogun stated that, ‘’we believe that protecting the environment and conserving our shared scarce resources should be a collective effort.
“This is why we focus on environmental sustainability as a core CSR pillar and we continue to innovatively devise means of minimising or totally eliminating challenges posed by the environment. Additionally, we are committed to championing and supporting initiatives to make our planet a safe haven for us and the future generation.’’
He said, “It is an opportunity to transform our commitment into sustainable action. This innovative project, the first of its kind in West Africa, is a pride to us all. It is a testament to the enormous possibilities that can emanate from purposeful partnerships.
“As a true partner, we will like to use this opportunity to reiterate our continued desire to support businesses operating in Lagos. Over the years, we have supported various private and public sector projects in the state as we strongly believe that our future is intertwined with the future of our customers and stakeholders’’.
Governor Babatunde Fashola of Lagos state, in his address, described the facility as, ‘’another bold step and landmark project in Lagos.’’
He added that adding that, ‘’we will continue to explore every opportunity that would create a healthier and cleaner environment’’.
He commended the bank for its various supports and contributions to the economy of the state, including those affecting the environment.
“FCMB has been a strong partner in progress. For instance the bank has been supporting the annual climate change summit in Lagos. We really appreciate the support offered by the Bank in actualising this material recycling project,’’ the governor added. – Punch.
