Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Energy firm secures funds for Southeast expansion

17 February 2016, 19:13Okoro Chinedu

Lagos - Seven Energy International Limited, the leading integrated gas company, has secured US$100 million of new equity capital to finance its pipeline project in the Southeast.

This is comprised of S$50 million from existing shareholders of the Group, including Temasek, Petrofac, Capital International Private Equity, Standard Chartered, International Finance Corporation and IFC African, Latin American and Caribbean Fund, by way of an open offer and $50 million invested by the Infrastructure Fund II, sponsored by the Islamic Development Bank and other institutional investors.

“I am pleased by the continued support shown by our leading shareholders and the vote of confidence in our business plan demonstrated by the investment from the IDB Infrastructure Fund II,” Seven Energy’s Chief Executive Officer, Phillip Ihenacho, said of the equity investment.

Also Read:Key energy industry summit resumes in Lagos

He said Seven Energy was now established as a significant participant in the rapidly developing Nigerian gas market.

Its gas deliveries have more than trebled during the course of 2015, and is currently running in excess of 110 million standard cubic feet per day.

“This new funding enables us to complete our current development phase, enhancing our pipeline network which will be capable of transporting 600 MMcfpd of gas to the growing regional market,” said Ihenacho.

Seven Energy is currently delivering to three power stations, a cement plant and a fertilizer factory.

As the power stations - Alaoji, Calabar and Ibom - complete their commissioning work and electricity transmission infrastructure, the group forecasts gas deliveries to increase to 200 MMcfpd over the coming year.

- CAJ News

Tags energy

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...