FAAN engages commercial banks, contractors for improved project financing

In a bid to encourage improved access to funding of contracts especially for Small and Medium Enterprises (SMEs), the Federal Airports Authority of Nigeria (FAAN) has hosted contractors and commercial banks to a collaborative forum. The Managing Director of the Authority, who was represented by the Director of Engineering, Engr Nurudeen Daura, at an event, held at Radisson Hotel, Ikeja, Lagos yesterday, noted that the forum was aimed at developing a financing mechanism which will optimize the cash flow of FAAN, while also providing the much-needed support to our contractors, to enable them access opportunities for working capital enhancement. He said that the scope involves working with selected financial institutions, was to provide liquidity to its major contractors through direct and contingent funding. The FAAN boss explained that investment opportunities abound in the industry, especially FAAN, while encouraging the banks and contractors to take advantage of these opportunities through constructive partnership in the overall interest of all. In attendance at the event were the Authority’s Director of Finance & Accounts, Mrs. Nike Aboderin, Director of Human Resources, Mr Anozie Honorius, representatives of First Bank Plc, FCMB, Fidelity Bank, Union Bank, Zenith Bank, Access Bank, Polaris Bank, Tam Tam Nig Ltd, Inland Chips Nig Ltd, Pencks Ltd, among others. Chukwuemeke Iwelunmo