Stanbic IBTC promises to intensify support for aviation sector

Stambic IBTC has stated that it would sustain and intensify its support for the aviation sector in Nigeria. This was the consensus of stakeholders at a recent interactive aviation session organized by Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings, in Lagos. The session attracted players across the aviation spectrum, including aircraft manufacturers, airlines, investors, pilots, lessors, bankers, insurers, engineers, travel agencies, air travellers and aviation service companies.
Chief Executive, Stanbic IBTC Bank PLC, Demola Sogunle, said the bank realised the correlation between a vibrant aviation industry in Nigeria and economic growth hence took up the initiative to support the development of the sector, in collaboration with other stakeholders.
He added that some of the areas where the Bank can offer financial service solutions are aircraft financing and leasing, advisory services, asset financing, aviation infrastructure development, and capacity building.
Sogunle noted that Standard Bank Group, to which Stanbic IBTC belongs, has over 155 years of banking experience in Africa and has been active in supporting the development of industries across the continent. The Group, he reiterated, boasts of leaders in different market segments, in affirmation of its status as an end-to-end financial services solutions provider.
In addition, Stanbic IBTC Bank PLC is the only financial institution in Nigeria with the AAA rating by global rating firm, Fitch Ratings. He also stated that the strategic alliance between the Industrial and Commercial Bank of China (ICBC) and Standard Bank has the clout and resources to support the Nigerian aviation sector to overcome its current challenges. ICBC holds 20 percent stake in Standard Bank, while the latter owns 64.4 percent in Stanbic IBTC.
“When we say Africa is our home, we mean every word of it. Supporting the continent’s development is a task we take very seriously”, Sogunle stated. Also at the session was keynote speaker and Chief Executive Officer, African Aviation Services, Nick Fadugba, who spoke against the backdrop of Africa’s below par performance in air transportation.
He highlighted three key ingredients that will be helpful in halting the trend; these are having strong airlines, hub airports and an enabling environment, saying that these steps will improve connectivity and convenience, increase safety and aviation infrastructure, as well as enhance competition, drive down costs and raise efficiencies.