NNPC seals $1.4bn funding agreement for Northern Hydrocarbon Funding Ltd

The Nigerian National Petroleum Company Limited (NNPCL) has signed a $1.4 billion financing agreement jointly arranged by Standard Chartered Bank UK and the United Bank for Africa for Northern Hydrocarbon Funding Limited.

The agreement was sealed on behalf of the NNPC Limited/Chevron Nigeria Limited Joint Venture.

Speaking at the signing ceremony held in London, Adokiye Tombomieye, NNPC Ltd executive vice president, Upstream, expressed gratitude at the overwhelming response of each of the 16 lenders participating in the financing programme.

Tombomieye said it was a clear demonstration of the great confidence reposed in NNPCL/CNL Joint Venture by the market.

He explained that while this level of interest was not new to offerings by the NNPCL/CNL Joint Venture, the fact that it was sustained at this time of very high uncertainties was indeed remarkable.

“It is obvious that our diligence in meeting debt service obligations, especially during the height of the COVID-19 pandemic has not gone unnoticed by the market, and I will therefore like to affirm our commitment to delivering true value to our esteemed Lenders in this regard,” he said.

Tombomieye said that the funding will facilitate the NNPCL’s commitment to sustainably meeting today’s energy needs and delivering energy for the future.

“I will also like to close by emphasizing NNPC Limited’s commitment to consistently delivering value to all stakeholders, most notably Nigerians, our shareholders, our partners, and our lenders,” he said.