MCB provides $120M financing for Chappal Energies’ $360M acquisition of ENEC assets

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.