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Tinubu Tasks Banks on Real Sector Devt Banking By Amarachukwu Ona The Governor of Lagos State, Asiwaju Ahmed Bola Tinubu has advised banks desirous of supporting the real sector of the economy in the state to increase their branch network. Such expansion the governor explained, would enable banks to tap the various opportunities that abounds in Lagos state. Tinubu made the call at the commissioning of the Ikeja branch of the First Interstate Bank Plc. "It is important for any financial institution desirous of supporting the real sector of the economy to have wide branch network in Lagos so as to tap the opportunities that abound in the state", he said. While commending First Interstate Bank for its stride in supporting the diverse business activities in Lagos and Ikeja, he assured the bank that the state government will continue to use available resources to promote competition among the various business communities in Lagos. "First Interstate Bank has been making contributions to the economic growth of Lagos State through some of its products, particularly the Grassroots Utilities and Infrastructure Lending for Development (GUILD) and the Consumer Leasing Investment for Professionals (CLIPs) products", he added. In his welcome address, the Chairman of the bank, Professor Akin Mabogunje that the bank developed the two products to meet the immediate and future needs of the citizens of the state. According to him, the GUILD, is designed to assist government at all tiers to undertake development projects without much on the recurrent expenditure account. While the CLIPs, is a packaged lease facility that is flexible and convenient for individuals and small and medium businesses to acquire tangible assets. The bank, he noted is supporting the construction of the ultra-modern Awolowo market in Mushin-Oloosa to further boost the volume of commercial activities in Lagos State. Mabogunje said that the bank is also part of a syndicate of banks involved in the N2 billion financing of sand filling and construction of residential accommodation in the Lekki Peninsula/Victoria Island, covering about 40 hectares of land. Speaking on the Ikeja branch, he said that it is part of the bank's business strategy to open three new branches in Lagos State in the current year. These branches include Marina, Apapa and Ikeja. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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