C&I Leasing Plc begins JV with Sifax Marine

C&I Leasing Plc has announced the acquisition of two brand new 2018 ‘ASD 2913 Tugboats’ named ‘MV Chidiebube’ and ‘MV Folashade’. Though, the company didn’t announce the cost of the new Tugboats but made known that the purchases were with SIFAX Marine Limited under the SIFAX C&I Marine Limited joint venture arrangement.

In C&I Leasing Plc’s notification to the Nigerian Stock Exchange (NSE), the acquired boats will be immediately deployed for a long-term contract with Nigerian Liquefied Natural Gas Company (NLNG).

Recall that C&I Leasing Plc, a business service conglomerate, in July concluded buyout of a 27.5% minority stake in C&I Petrotech Marine Ltd – the company’s marine business subsidiary – and in the process took over complete ownership of 6 vessels presently deployed in a long-term contract with Shell Petroleum Development Company of Nigeria (SPDC).

The acquisition of these new vessels in addition to the buyout transaction of C&I Petrotech Marine Plc is evident of C&I Leasing’s commitment to expand its marine business and service delivery. Speaking of the company’s boats acquisition, the Managing Director of C&I Leasing Plc, Andrew Otike-Odibi said the business service conglomerate remains committed to becoming the most preferred Marine partner for the IOCs in Nigeria.

C & I Leasing Plc has been in operation for over two decades and has since evolved from being a finance leasing company licensed by the Central Bank of Nigeria (CBN) in 1991 to becoming a diversified, leasing and business service conglomerate providing support services to various indigenous and multinational organisations in West Africa along three lines: Fleet Management, Personnel Outsourcing and Marine Services.

C&I Leasing closed at N3.02 on Friday’s trading session on the trading floor of the NSE. Results for the half year ended June 2018 show Gross Earnings increased from N11.5 billion in 2017 to N12.7 billion in 2018. Profit before tax also increased from N614 million in 2017 to N723 million in 2018. In the same vein, Profit after tax slightly jumped from N580 million in 2017 to N682 million in 2018.

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