CITI BUSINESS sources have revealed that plans are far advanced for a new bank with Nigerian roots, ENERGY BANK to start operations in Ghana.

The bank which will be the 27th licensed bank is to primarily focus on the emerging oil and gas industry in the country as the name suggests.

It is a wholly owned subsidiary of the Global Fleet and NICON Group of Companies in Nigeria, chaired by Jimoh Ibrahim.

The Bank is said to have received a preliminary licence from the Bank of Ghana and is expected to finalise arrangements and commence operations before the end of the year. 

ENERGY BANK is said to begin operations with a capital of 100 million dollars- 40 million dollars higher than the Central Bank’s present minimum capital requirement of 60 million dollars. 

The bank is set to start operations before the end of the year having already acquired an office in Accra.