Seven Energy, NSIA sign $100m deal

Seven Energy International Limited (Seven Energy) and the Nigeria Sovereign Investment Authority (NSIA) have signed a commitment letter for an investment of at least $100,000,000 in aggregate principal amount of senior secured notes due in 2023 that will be issued and privately placed by Seven Energy Finance Limited.

The funds, which will be provided through the NSIA Gas to Power funds managed on behalf of Nigeria’s Debt Management Office, will be used to support the development of Calabar NIPP, Ibom Power and other power stations.

“Through this investment and future projects, NSIA is contributing to the transformation of the gas and power sectors,” managing director/ CEO of the NSIA, Uche Orji said, adding that the deal is a “further example of Nigeria’s successful public-private investment in infrastructure.”

Abraham Nwankwo, director-general of the DMO said the investment underscores the DMO’s role in the development of Nigeria’s power sector.

Meanwhile Phillip Ihenacho, the CEO of Seven Energy, described the NSIA investment as a vote of confidence on the company’s vision of becoming a leading supplier of gas in Nigeria.

Established in 2004, Seven Energy International Limited is an independent Nigerian integrated oil and gas development, production and gas distribution company with unique focus on the emerging Nigerian domestic gas market.

The group’s assets include licence interestsin the Uquo Field and the Stubb Creek Field (south east Niger Delta), an indirect interest in OMLs 4, 38 and 41 through a Strategic Alliance Agreement with Nigerian Petroleum Development Company (north west Niger Delta) and a licence interest in OPL 905 (Anambra Basin).

NSIA, on the other hand, is a corporate body established by the Nigeria Sovereign Investment Authority Act 2011 to play a leading role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of Nigeria’s infrastructure and providing stabilisation support in times of economic stress.