One of Nigeria’s wealthiest families funded the Nigerian National Petroleum Company Limited’s purchase of oil blocks from Chevron Corporation, offering an insight into how the firm could back its ambitious expansion plans.
Bloomberg reported that a subsidiary of MRS Holdings Limited provided NNPC $300million to buy two shallow-water licences divested by Chevron.
The transaction was completed in May and the financing was secured against crude from producing fields within NNPC’s portfolio, it said.
The forward sale agreement was concluded between NNPC and Bahamas-registered Bestaf Funding Limited, according to the financial statements and an emailed response from NNPC Chief Financial Officer, Umar Ajiya.
