Nigeria LNG Signs On Lead Arrangers Appointment Letters 


Nigeria LNG Limited has signed letters of appointment with some Nigerian banks as Lead Arrangers for the Nigerian portion of the loan to finance its expansion programme of trains 4&5, also known as NLNG Plus

The Company is seeking to raise up to one billion dollars from various banks, including Nigerian banks, international banks (partly covered by guarantees from some Export Credit Agencies) and the African Development Bank.

The Nigerian banks are First Bank of Nigeria Plc, Union Bank Plc, FSB International Bank Plc, Guaranty Trust Bank Plc, Citibank of Nigeria and United Bank for Africa Plc. By this appointment, the Nigerian Lead arrangers are expected to raise $160 million.

This arrangement marks a milestone in the relationship between Nigeria LNG Limited and the Nigerian banking industry.

According to the Managing Director of the Company, Dr. Andrew Jamieson, "we are proud that the Nigerian banks have taken up the challenge of participating in the largest commercial loan made to a privately held company not only in Nigeria, but also in sub-Saharan Africa".

The Nigeria LNG Plant on Bonny Island consists of two fully operational gas liquefaction trains with a third under construction. The total cost of the three trains is approximately US$5.5 billion which has been fully funded by the shareholders, NNPC, Shell, TotalFinaElf and Agip. The company is now embarking on a further expansion by adding two more trains at an additional cost of $1.9 billion.

Nigeria LNG Limited
Press Statement
February 4, 2002 
Lagos.