Nigerian bank eyes Angola oil market, to open branch in Sao Tome


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Nigerian bank eyes Angola oil market, to open branch in Sao Tome

One of Nigeria’s fast-growing financial Institutions, Skye Bank, has concluded plans to open a branch in the Island nation of Sao Tome and Principe in the Gulf of Guinea, the local BusinessDay newspaper reported Thursday.

The paper quoted the bank’s Managing Director, Akinsola Akinfemiwa, as saying Skye Bank was also targeting the huge oil market in Angola, as a way of expanding its economic fortunes.

It said the financial institution also planned to open new branches in Sierra Leone and The Gambia.

“As opportunities open in more frontiers, the bank would continue to expand its branches accordingly,” Akinfemiwa said.

Experts said the decision of the bank to go to Sao Tome was based on the huge oil business opportunities in that country.

Nigeria’s investments in Sao Tome have been on the increase in recent times.

Currently, the Nigerian government is involved in joint oil operations in the Gulf of Guinea nation.

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