The Mauritius Commercial Bank (MCB) has announced its participation in a landmark transaction, contributing USD 120 million as part of a USD 360 million senior secured bridge facility to support Chappal Energies in acquiring Equinor’s offshore infrastructure in Nigeria.
Chappal Energies, a leading indigenous Nigerian oil and gas company focused on brownfield upstream opportunities across Africa, has acquired operational rights and a 53.85% ownership stake in the OML 128 and OML 129 fields, alongside a unitized 20.21% interest in Nigeria’s massive offshore Agbami field, operated by Chevron.
As one of Nigeria’s largest deep-water oil fields, Agbami has produced over one billion barrels of oil since its inception in 2008.
This acquisition marks a significant milestone for Chappal, cementing its position as a key player in the Nigerian oil and gas sector.
With international oil companies gradually shifting their focus toward offshore and integrated gas operations in Nigeria, opportunities are emerging for indigenous companies like Chappal to take center stage.
The acquisition underscores Chappal’s potential to contribute meaningfully to Nigeria’s vision of universal energy access by 2030.
The transaction highlights MCB’s continued leadership in Africa’s energy financing space and its strategic role within the Mauritius International Financial Centre (MIFC).
As one of Africa’s few investment-grade banks, MCB leverages its deep expertise in energy and commodities financing to support transformative projects on the continent.
MCB’s involvement in this transaction reflects its decade-long commitment to Nigeria’s oil and gas sector.
The bank’s specialized team, comprising senior bankers with extensive experience in the sector, successfully executed the deal within a tight timeframe.
Serving as a senior lender, security agent, and account bank, MCB brought significant value to the transaction through its expertise, operational relationships, and in-depth knowledge of the oil and gas value chain.
The acquisition provides Chappal Energies with a robust platform for growth, positioning the company for further expansion across Africa.
Thierry Hebraud, CEO of MCB Ltd, remarked: “We are proud to support Chappal Energies in this strategic acquisition, which marks a transformational moment for the company. This transaction aligns perfectly with our mission to meet the energy needs of African economies while enabling their energy transitions.
“As an African bank, MCB is committed to empowering homegrown champions with the technical and financial capacity to lead their industries’ futures. This deal showcases the strength of our capabilities and our growing role in driving high-impact transactions across the continent.”
Ufoma Immanuel, Managing Director of Chappal Energies, expressed gratitude for MCB’s partnership: “MCB remains a vital partner for Chappal, seamlessly integrating into our strategic initiatives from concept to execution. Their expertise across the value chain and unwavering commitment to our vision have been instrumental in this acquisition. We look forward to strengthening this relationship in the years ahead.”
Executive Director of Structured Debt and Power & Infrastructure at MCB Ltd,
Youri Harel added: “This pivotal deal underscores MCB’s dedication to fostering indigenous leaders capable of reshaping Africa’s energy landscape. Our extensive involvement in this transaction reflects years of developing internal expertise and an expanding role in executing complex, high-value projects across the continent.”
The deal team included Avanish Gukhool, Associate Director, alongside Jean Laurent Pyndiah, Keshav Sathyasheel Tohooloo, Ricky Kaniah, Ashna Bhudu from Credit Analysis and Structuring, and Sapna Dwarka, Legal Manager.
The transaction reaffirms MCB’s commitment to advancing Africa’s energy future by enabling transformative projects and supporting the continent’s emerging leaders.
