LAGOS: Nigeria’s oil firm Seven Energy said yesterday it had secured $255m in equity funding from global investors, including Singapore’s Temasek, to boost gas supply to the country’s ailing power sector.
Industry operators often attribute shortage of gas for the generating plants as a major cause of Nigeria’s under-performing power sector. The company said in a statement that Temasek’s share of the funding was $150m. The IFC, an arm of the World Bank and the IFC African, Latin American and Caribbean Fund, invested $75m and $30m respectively.
It said the money would assist the company to develop its
facilities. AFP
