• Wednesday, February 28, 2024
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BusinessDay

NSIA, Seven Energy sign $100m investment commitment

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Seven Energy International Limited, the indigenous integrated oil and gas development, production and gas distribution company with interests in Nigeria, and the Nigeria Sovereign Investment Authority (NSIA), 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.”