The on-going efforts to reform the nation’s power sector received a major boost as FBN Capital and four banks committed $225 million to support construction of gas pipeline project of Accugas Limited.
The documentation for the funding was completed at a ceremony where FBN Capital, its parent company- First Bank of Nigeria Plc, UBA, FCMB and Stanbic IBTC signed a US$225 million Syndicated Medium Term facility. The facility is to be utilised towards refinancing the existing US$55 million debt secured for the Akwa Ibom gas pipeline project, with the balance of US$170 million to be used towards part financing the cost of expanding its gas processing facilities and building a new gas pipeline to supply gas to the Calabar NIPP power plant.
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