Nigeria Sovereign Investment Authority & Seven Energy announce signing $100,000,000

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Tuesday, September 23, 2014 4.39 PM / NSIA

 

Abuja, London; 23 September 2014: Seven Energy International Limited (“Seven Energy”), the indigenous integrated oil and gas development, production and gas distribution company with interests in Nigeria, and the Nigeria Sovereign Investment Authority (“NSIA”), Nigeria’s sovereign wealth fund, today announced that NSIA through its Gas to Power funds managed on behalf of Nigeria’s Debt Management Office (“DMO”) has signed a commitment letter, subject to certain conditions, for an investment of at least $100,000,000 in aggregate principal amount of senior secured notes due in 2023 to be issued and privately placed by Seven Energy Finance Limited.

 

Uche Orji, Managing Director & CEO of the NSIA commented, “Through this investment, and future projects, NSIA is contributing to the transformation of the gas and power sectors. We expect that this investment will support the development of Calabar NIPP, Ibom Power, and other power stations.

 

This is a further example of Nigeria’s successful public-private investment in infrastructure.”

 

Abraham Nwankwo, Director-General of the DMO commented, “We are pleased that through our innovative cooperation with the Nigeria Sovereign Investment Authority (NSIA), we are able to

contribute to their joint work with Seven Energy. This investment underscores the DMO’s role in the development of Nigeria’s power sector.”

 

Phillip Ihenacho, CEO of Seven Energy, commented, “This investment is a vote of confidence in Seven Energy’s vision to be a leading supplier of gas in Nigeria. I am very pleased that we have gained the

support of NSIA.”

 

This announcement is for information purposes only. No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted. 

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