June 23, 2024
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OIL & GAS

Fox Petroleum Offers $2.5bn Annual Investment for Nigeria

Fox Petroleum has considered an offer to support the Nigerian National Petroleum Company Limited (NNPCL). through a Direct Credit Facility Investment Funds of  US $2.5billion annually over a consecutive 3-year period.

The fund is projected to support Nigeria revamp upstream, and downstream sectors of the oil and gas industry, Leadership reports.

This timely decision by the Fox Petroleum Group Board of Directors is guided by the confidence instilled in the current administration of Nigeria’s President Bola Ahmed Tinubu for his demonstrable action to increase Nigeria’s oil and gas production and reserves.

According to the chairman of the Fox Petroleum Group, Dr. Ajay Kumar, Fox Petroleum wants to enter into a fund investment provision role by releasing US $2.5 Billion yearly over a consecutive 3-year period meant to “acquire, invest and operate energy-producing assets in Nigeria as part of NNPCL’s growth strategy following its incorporation as a limited liability company as promulgated under the Petroleum Industry Act (PIA).”

The Indian-born Dr. Ajay Kumar indicated further that the nitty gritty fine details of the landmark funding deal on offer by Fox Petroleum will be revealed to the general public after a closed-door meeting is held with President Bola Ahmed Tinubu who doubles as the country’s substantive Minister of Petroleum Resources.

In a swift reaction to this new development, the Business Representative of Fox Petroleum in Nigeria, Mr Yomi Sola Falana, opined that Nigeria is reaping the dividend of good governance under the leadership of President Bola Ahmed Tinubu with the country now becoming the preferred destination of foreign investors.

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