OML 42: Seven Banks Refinance Neconde’s $640m Facility Alike Ejiofor A consortium of seven local and international lenders has signed an agreement to refinance Neconde Energy Limited’s Senior Secured Medium-Term Loan Facility Agreement, worth $640 million
(N2.3trillion). The refinancing of the facility followed the renewal of Neconde Energy Limited’s Oil Mining Licence (OML) 42 for the next 20 years, effective June 2019, by the federal government. This development, according
to the indigenous oil and gas exploration and production company, was a demonstration of support for the company’s commercial and financial operations by both local and international financial institutions. The consortium of seven
lenders comprises four Nigerian banks and three international lenders. The banks are Access Bank, Fidelity Bank, Zenith Bank and First Bank (UK) Limited. The international lenders are the Africa Import Export Bank (Afrexim), Africa Finance
Corporation (AFC) and Glencore Energy (UK) Limited. Apart from being a member of the lending consortium, Glencore is also the off-taker of Neconde’s equity crude oil production. With the refinancing, Neconde is now positioned to
achieve its field development plans for the plum asset. Neconde acquired Shell, Total and Nigerian Agip Oil Company’s 45 per cent joint equity interest in OML 42 in an open and competitive bid Continued on page 8
At $1.5bn, Nigeria Lags Behind Peers in SWF Savings…
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PDP Considers Dogara as House Minority Leader Asks lawmakers to submit leadership list by tomorrow APC meets this week to appoint N’ Assembly principal officers Chuks Okocha in Abuja The National Working Committee (NWC) of the
Peoples Democratic Party (PDP) has mandated its members in the House of Representatives to select
their principal officers and inform the party of their decision today. The party, according to a
reliable THISDAY source, met the House members last Friday and mandated them to select their principal officers
like the Senate had done in a cordial atmosphere. However, THISDAY gathered that former speaker
of the House, Hon. Yakubu Dogara, is being tipped as Continued on page 8
INEC Seeks Mandate to Deregister Dormant Parties To propose constitution alteration to reduce parties on ballot paper Wants more control over registration, primaries Atiku disclaims planned protest over server Chucks Okocha in Abuja The Independent National Electoral Commission (INEC) plans a proposal for the alteration of the 1999 Constitution as amended to enable it reduce the plethora of
political parties in the country, which it said created for it a logistics nightmare during the 2019 general election. According to the commission, the large number Continued on page 9
FG Mulls Fresh N600bn Palliatives for Gencos… Page 8
HONOUR WELL DESERVED… Pro-Chancellor, Bayero University, Kano, Prof. Ibrahim Gambari (left), and Founder, The Tony Elumelu Foundation and Group Chairman, United Bank for Africa (UBA), Mr. Tony Elumelu, during the conferment of honorary Doctor of Business on Elumelu by BUK in recognition of his foremost contribution to Africa’s economic development through the promotion of entrepreneurship and philanthropy in Kano… weekend