MCB participates in the acquisition of oil infrastructure in Nigeria

MCB is participating in the acquisition of the offshore infrastructure of the Norwegian company Equinor by the Nigerian company Chappal, in Nigeria. The Mauritian bank is participating to the tune of 120 million US dollars in the deal which amounts to 360 million US dollars.

The acquisition includes operational rights and 53.85% in exploitations as well as 20.21% in the deep water oil field of Agbami, one of the largest in Nigeria and where the global giant Chevron operates. For Chappal this is a major step forward as an indigenous company, allowing it to play a major role in Nigeria’s oil industry.

“This transaction is in line with our strategy to support the energy needs of African economies (…) The extent of our involvement as a bank demonstrates our ability to bring such deals to fruition,” comments Thierry Hebraud, CEO of MCB Ltd. The Mauritian financial institution confirms its leading position in Africa, particularly in the energy sector. For several years now, MCB has set up a team of expert bankers in the energy sector who were the driving forces behind the transaction. This also highlights the importance of the Mauritian financial center.

This transaction strengthens the links between MCB and Chappal. “MCB remains a crucial partner for Chappal (…). We are confident that this relationship will be maintained and strengthened,” says Ufoma Immanuel, Managing Director of Chappal Energies.