By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)- Nigeria Sovereign Investment Authority (NSIA), Nigeria’s sovereign wealth fund (SWF),  on Tuesday announced it has signed a $100 million investment deal with indigenous integrated oil and gas development firm, Seven Energy International Limited,  according to a statement made available to InvestAdvocate.

The Nigeria’s   SWF said it signed the deal through its Gas to Power funds managed on behalf of Nigeria’s Debt Management Office (DMO) subject to certain conditions, for an investment of at least $100 million in aggregate principal amount of seniour secured notes due in 2023 to be issued and privately placed by Seven Energy Finance Limited.

Uche Orji, managing director / chief executive officer (MD/CEO) of the NSIA through the investment, and future projects, NSIA is contributing to the transformation of the gas and power sectors. ‘’We expect that this investment will support the development of Calabar NIPP, Ibom Power, and other power stations. This is a further example of Nigeria’s successful public-private investment in infrastructure,” Orji said.

On his part, Abraham Nwankwo, director-general (DG) of the DMO affirmed that they are pleased that through the debts management office innovative cooperation with the NSIA, they are able to contribute to their joint work with Seven Energy. ‘’This investment underscores the DMO’s role in the development of Nigeria’s power sector,” Nwankwo said.

Phillip Ihenacho, CEO of Seven Energy, while commenting on the development said the investment is a vote of confidence in Seven Energy’s vision to be a leading supplier of gas in Nigeria.

“This investment is a vote of confidence in Seven Energy’s vision to be a leading supplier of gas in Nigeria. I am very pleased that we have gained the support of NSIA,”    he said.