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.
For further enquiries, please contact:
Seven Energy International Limited +44 20 7518 3850
Joe Kaye, Group Head, Performance and Investor Relations
Brunswick Group +44 20 7404 5959
Nigeria Sovereign Investment Authority + 234 802 290 2865
Austin Edoja-Peters, Communications Advisor
About Seven Energy
Seven Energy International Limited is an independent Nigerian integrated oil and gas development, production and gas distribution company founded in 2004. With the backing of strategic long-term investors and main offices in Lagos and London, the Group has a unique focus on the emerging Nigerian domestic gas market. The Group’s upstream assets include licence interests in 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). Its midstream infrastructure assets, focused on south east Niger Delta, include the 200 MMcfpd Uquo Gas Processing Facility and a gas pipeline network of 260 km with distribution capacity of 600 MMcfpd. For more information visit
The Nigerian Bulk Electricity Trading Plc (NBET) and the Nigeria Sovereign Investment Authority (NSIA) today signed a Funds Management Agreement for the $350M allocated to NBET from the $1B Eurobond issued by the Federal Government of Nigeria (FGN) in July 2013.
The Managing Director and Chief Executive Officer of NBET, Mr. Rumundaka Wonodi speaking stated “NBET is happy with this arrangement that allows a competent fund manager like NSIA manage NBET’s Eurobond facility in a manner that yields the required returns yet allows the fundsto be readily available for any required Bulk Trader interventions. With this arrangement, NBET can focus on developing the electricity market and catalyzing much needed investments in the power sector.”
The Nigeria Sovereign Investment Authority has received improved rating as a sovereign wealth fund by the Linaburg-Maduell transparency index administered by the Sovereign Wealth Institute.
In an official statement announcing the second quarter 2014 ratings, the Institute singled out NSIA for special mention stating that the NSIA had been upgraded to 9 points out of a possible 10 from a score of 4 in the previous rankings. This rating translates into a leap from joint 33rd to joint 2nd; the only African sovereign wealth fund so ranked. With the latest ranking, NSIA is in credible company alongside sovereign wealth funds from the USA, France, South Korea, Brazil and Malaysia.