FCMB office
The Executive Director, First City Monument Bank (FCMB) Capital Market, Mr. Tolu Osinibi has said that the financial institution committed to the development of the Nigerian power sector.
This, according to a statement from the bank at the weekend, was demonstrated in its participation in the financing of the Accuga Limited deal.
Accugas Limited, a wholly-owned subsidiary of Seven Energy, recently closed on a $225 Medium Term Project Finance Facility for its Central Processing Facility (CPF) and second gas pipeline project in Akwa Ibom.
The proceeds of the landmark transaction would be used for construction of the CPF and gas pipeline to provide gas to Ibom Power, located In Akwa Ibom and NDPHC’s Calabar power plant located in Cross River.
The project, which is scheduled to be completed in 2014, would fulfill the gas supply contract obligations to both the Ibom and Calabar power plants the objective of which is to satisfy the growing gas demands from power plants and industrial users, following the ongoing reforms in the power sector.
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