Seplat's wholly owned subsidiary raises $50mn offtake facility

Seplat Energy Plc, a leading Nigerian independent Energy Company listed on both the Nigerian Exchange Limited (NGX) and the London Stock Exchange (LSE) has said that its wholly-owned subsidiary, Westport Oil Limited successfully raised a $50million Offtake linked reserved based lending facility due April 2027.

Seplat Energy Plc in a July 19 notice at the Nigerian Exchange Limited signed by its Chief Financial Officer, Emeka Onwuka said “The Offtake Facility is subordinated to the $110 million senior reserve-based lending facility.”

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By Iheanyi Nwachukwu • July 19, 2021

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.