By Amechi Ogbonna

The Managing Director of First Bank of Nigeria Limited, Dr Adesola Adeduntan, at the weekend urged the Federal Government and the Nigerian private sector to take advantage of the growing demand for oil and gas products occasioned by the ongoing Russian-Ukrainian crisis to invest more in the oil and gas sector.

Sun Banking Icon of the Decade Award recipient Adeduntan who spoke on the sidelines of the award ceremony in Lagos said such an investment would help the world fill the vacuum created by Russia’s sanction of some countries. Westerners. crude oil and gas supply.

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Asked to advise on what Nigeria can do to take advantage of Western nations’ oil and gas embargo against Russia, the First Bank boss said: “I think Nigeria should focus on more investment in the oil and gas sector so that we can fill the vacuum that is being created by the fact that many western countries no longer buy crude oil or gas from Russia and I know that the government is doing something about it. I have seen production levels gradually recover and have also seen an increased focus on the oil and gas sector. So I think we’re on the right track.

Commenting on some of the recent developments on the Nigerian banking space, FirstBank boss admitted that the global economy has been under significant strain, noting that the role of bankers as financiers of the economy is to continue to provide support to ensure that it does not suffer a huge impact from voltage.

He said, “Looking at the pre-COVID war, post-COVID and even the Russian-Ukrainian war, Nigerian banks are increasing their balance sheets to support the economy to minimize the impact of these aforementioned factors on the economy. One of the things that sets First Bank apart is that we don’t base our focus on profitability, but we place great emphasis on the growth of the economy, because it’s when the economy grows that we as as banks, have the opportunity to prosper”.

He congratulated Sun’s management for the honor bestowed on him, with recognition as a “banking icon of the Decade,” adding that First Bank was happy to know that people recognize the good work it does as an institution.

” For me, I’m very proud and I think for the Sun newspapers, to observe what we do as a bank and pay attention to detail and even when I read the profile you created, it was clear that the company had done its homework. . It gladdens our hearts to know that people recognize the good work we do. do as an institution. I’ve always been of the opinion that the only way for our country to move forward is for everyone to do the right thing, and collectively it will be fine and so I’m very proud because this is an award that I really cherish. I would like to thank the management of The Sun for this honor and dedicate it to my family and to the management of First Bank. It’s very encouraging and motivating for me to do more.

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