By Bisola Adeyemo
ANOH gas processing Company (AGPC) has succeeded in raising the sum of $260m in debt to fund the completion of its 300MMscfd which is located on OML53 in Imo state.
According to a statement signed on Monday by the company, AGPC is an incorporated
joint venture (IJV) jointly owned by seplat and the Nigeria Gas Company (NGC) a subsidiary of Nigeria National Petroleum Corporation (NNPC).
Before the time of generating a fresh fund, the Nigeria leading independent energy company together with NGC had raised the sum of $420m in equity funding, with the fresh $260m, it is said the project is fully funded.
The fresh financing provided by the consortium of seven banks in Nigeria was also accepted and signed yesterday by the company.
The banks are:
Stanbic IBTC Bank Plc (advisor), United Bank for Africa Plc, Zenith Bank Plc, FirstRand Bank Limited (London Branch) / RMB Nigeria Ltd, The Mauritius Commercial Bank Ltd, Union Bank of Nigeria Plc and FCMB Capital Markets Ltd.
Over $450m was received by the company which signified oversubscription and also a good sign of confidence in the project
The Chairman of AGPC, Mr. Yusuf Usman who commented on the transaction stated that “This financing agreement; for the development of the ANOH Gas Processing Plant will significantly contribute to the realization of the federal government’s initiatives towards increasing natural gas utilization in the domestic market.”
Also speaking on the financial agreement, the managing director Mr. Okechukwu Mba said
“Successfully closing the $260m debt facility means that the ANOH project is now fully funded. “Once operational, AGPC will be a significant supplier of gas to Nigeria’s power sector, supporting local employment and the cleaner generation of power for millions of Nigerian homes and businesses.”