Seven Energy Bond (IFC-35877)

Countries
  • Nigeria
Where the impacts of the investment may be experienced.
Specific Location
South Eastern region in the Akwa Ibom and Cross River states of Nigeria
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 30, 2014
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
SEVEN ENERGY INTERNATIONAL LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Feb 26, 2019

Disclosed by Bank Sep 30, 2014


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Project Description

Seven Energy International Limited, an existing IFC client (project 34450), is a Nigeria and UK based oil and gas exploration and production ("E&P") and midstream company ("Seven Energy" or the "Company"). It is one of the few E&P companies in Nigeria with a focus on developing and commercializing gas that was historically stranded or flared, and supplying it to Nigeria's domestic market for power generation and industrial consumption. IFC's commitment to provide an anchor investment in the company's inaugural bond issue will help the company mobilize investors and successfully issue the bond. The bond proceeds will be used, among other things, to retire existing liabilities and continue funding the construction of the Company's gas pipeline network.

 

Investment Description
  • International Finance Corporation (IFC)
Contact Information

Gary Bush
Seven Energy 7 Anifowose Street Victoria Island Lagos Nigeria

Main line: +234 (0) 1 - 277 0600

Fax: +234 (0) 1 - 277 0644

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/