Africa Energy Nigeria Energy – Standard Chartered Private Equity Invests $47m In Seven Energy

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Source: Leadershipnigeria, By Nkiruka Anene, January – 13 – 2010

Standard Chartered Private Equity Limited yesterday announced that it has invested $47.5m to acquire a minority stake in Seven Energy, a leading Nigerian gas exploration and development company.

Seven Energy was formed in 2007 and is focused on the provision of gas to leading industrial firms in Nigeria.

The bank, said yesterday in statement that its investment in Seven Energy would help develop the company’s business and strengthen its competitive positioning.

“The deployment of funds will provide a much needed stimulus for the company to cater to Nigeria’s growing energy needs. In particular, Standard Chartered envisages that in the medium term, the investment will back the company’s existing management team in its drive as a pioneer and consolidator within Nigeria’s gas industry,” it further stated.

Commenting on the investment, Phillip Ihenacho, Chairman of Seven Energy, said: “The capital will be used to develop the business and provide essential infrastructure to facilitate delivery to domestic industrial users in South-Eastern Nigeria. The support from Standard Chartered validates our strategy and strengthens our longer term competitive positioning.”

Also speaking, Christopher Knight, the Managing Director/ CEO of Standard Chartered Bank Nigeria Limited, stated: “We are proud to invest in Seven Energy as Seven’s value proposition is uniquely hinged on the monetisation of Nigeria’s substantial gas reserves to meet the country’s growing energy needs.

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