Nigeria: Banks 'Ready to Fund Brittania-U's Acquisition of Chevron Assets'

31 October 2013

With the emergence of Brittania-U Nigeria Limited as the winner of the bids for three Chevron oil blocks, it has been reliably gathered that three banks - First Bank Nigeria Limited, Diamond Bank Plc and Ecobank Plc - have communicated to the US oil multinational of their preparedness and commitment to fund the acquisition of the oil acreages through syndication.

According to sources, the three banks have written to Chevron and its banker, BNP Paribas, of their commitment and preparedness to fund the entire amount of $1.4 billion, being 85% balance of Brittania-U's bid for the Chevron assets.

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