NIGERIA (COMMONWEALTH UNION) – There has been some good news that’s been going around and although we are at the end of 2022 good news is still good news. There has been table talks and negotiations for a finance agreement to happen between the Nigerian National Petroleum Company (NNPC) and the Standard Chartered and United Bank of Africa (UBA).
This agreement was and is for 1.4 billion dollars and it will act as an agreement for Northern Hydro carbon Funding Limited. The NNPC came forward earlier today and signed the financing agreement with smiles as they realized they were making history by taking on this project.
This is not a solo project; there are about another 16 lenders also coming forward and participating in this financing programme. The NNPC was mentioned initially as they are taking the majority share by spending more.
The Executive Vice president of the NNPC Adokiye Tombomieye expressed his delight over the project, further noting that he has nothing but confidence in the initiative. This helped to boost the confidence of the shareholders.
According to his statement the project will be called Project Panther. He further pointed out that the 16 lenders had come forward because of the confidence the lenders had in the team handling the project. He further praises the work ethics of the NNPC and went on to state details about their plan of action to get the project started.
The NNPC Vice President also expressed his gratitude to everyone who helped in getting this massive project off the ground. He also thanked everyone who continued to work hard to make sure that the project was kept on track and will be kept on track in the future. The country will benefit greatly from this and it is what was needed.
