Patrick joined FBN Capital in December 2011 having spent 3 years heading the project financing department of Standard Bank’s Lagos operations – i.e. Stanbic IBTC Bank. He joined FBN Capital with over 20 years banking experience of which 18 years has been dedicated primarily towards financial advisory, structuring, debt arranging / lending and closing of big-ticket project finance transactions in the UK, Portugal, Saudi Arabia, Qatar, Oman, U.A.E. and other GCC countries. He has worked on project financings in excess of approximately US$67 billion since 1996. As head of FBN Capital’s Debt Solutions Department, he is responsible for leading the deal team involved in advising, structuring, executing and closing of the firm’s debt arranging and advisory activitiies.
Patrick’s infrastructure / project financing career commenced as a financial modeller at London Underground Limited’s (“LUL”) Project Finance Advisory Group as an executive member of the deal-team developing complex financial models, business cases, payment mechanisms and financing options where he advised and negotiated on various transport based projects being implemented by London Transport utilizing the UK Government’s Private Finance Initiative (“PFI”) at that time. His career further developed at the London branch of the German bank, Bayerische Landesbank’s (“BLB”) structured finance group where he undertook various project finance (PFI / BOT / PPP) duties, and subsequently as Assistant Manager, Project & Trade Finance Department, GCC Group, at Arab Petroleum Investments Corporation (“APICORP”) Saudi Arabia where he was actively involved in a varied number of power, petrochemical, oil & gas and shipping transactions both in the execution, advisory, lending and syndication of facilities. He was subsequently appointed Senior Corporate Banker and acting Head of project finance at National Commercial Bank (“NCB”), Saudi Arabia’s largest bank with prime responsibility for managing the bank’s project finance lending and advisory activities. At NCB Patrick led the deal team advising the Kingdom of Saudi Arabia on the US$8 billion plus Saudi Railway expansion Projects.
Since returning to Nigeria he has been involved as adviser to Nigeria National Petroleum Corporation on their green-field refinery projects, Lagos State Government on the Blue Line Railway Project and the Lekki Airport project. Prior to returning to Nigeria in 2008 he was Managing Director and Head of Project and Corporate Finance at Bahrain based Gulf One Investment Bank where he led the deal team responsible for structuring and arranging the funding of the King Abdulaziz International Airport (Hajj Terminal) – the first ever project financing for an airport in the GCC on a 100% Islamic finance basis.
Patrick Mgbenwelu is a regular industry speaker / panel member and writes case studies / articles in various PPP / project finance publications, he is a founding council member of the International Project Finance Association (“IPFA”) (Nigeria branch). Patrick is an Associate of the Chartered Institute of Bankers (“ACIB”) London, holds an M.Sc. Finance & Investment (UK), an MBA (UK) and also an Associate of the Institute of Financial Services, UK. He sits on the advisory board of the Lagos Business School’s CIPRA (Centre for Infrastructure Policy Regulation & Advancement).