The MCB has invested $120 million in Chappal Energies’ acquisition of Equinor’s Nigerian assets, marking the end of Equinor’s 32 years in Nigeria.
This deal gives Chappal Energies a 53.85% stake in OML 128 and part of the Agbami field.
It highlights the MCB’s growing role in Africa’s energy sector.
Mauritius Commercial Bank (MCB) has actively contributed $120 million to a $360 million “senior secured bridge facility” to help finance Chappal Energies’ acquisition of Equinor Nigeria Energy Company (ENEC).
This acquisition marks the end of Equinor’s 32 years in Nigeria and, as a result, grants Chappal Energies a 53.85% stake in Oil Mining Lease (OML) 128, along with a 20.21% interest in the Agbami oil field, operated by Chevron.
As international oil companies increasingly shift focus towards offshore and integrated gas operations, indigenous companies like Chappal Energies are seizing the opportunity to lead Nigeria’s oil and gas sector.
Consequently, this transition allows Chappal to play a pivotal role in the nation’s goal of achieving universal energy access by 2030.
MCB’s Strategic Role In Supporting Chappal Energies’ Acquisition
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The MCB’s involvement further solidifies its position as a leading player in Africa’s energy sector.
The CEO of the MCB Ltd, Thierry Hebraud, expressed the bank’s pride in supporting Chappal Energies.
According to him, the acquisition aligns seamlessly with the MCB’s strategy to back African economies in their energy transitions.
Additionally, he noted the bank’s continued commitment to these transformative projects.
Chappal Energies’ managing director, Ufoma Immanuel, recognised the MCB’s critical partnership.
She highlighted how the bank has been integrated into their strategic thinking from the outset, assisting with deal structuring and execution.
Moreover, the Executive Director at the MCB, Youri Harel, noted that the bank’s growing role in high-impact transactions reflects its increasing internal capabilities.
This acquisition not only unlocks new growth opportunities for Chappal Energies but also further strengthens the MCB’s commitment to advancing Africa’s energy infrastructure.
