Nigeria Content Online

First Hydrocarbon
Nigeria Limited (FHN) has announced the acquisition of an equity
interest in the company by African Capital Alliance (ACA), a leading
Nigerian private equity firm.

The investment in
the company is non dilutive to existing shareholders, while ACA is
committed to lending further support to other FHN projects in Nigeria.

ACA is an
independent private equity firm, with $550 million under management,
investing in West Africa, principally in Nigeria and the Gulf of Guinea.

FHN was established
in 2009 with the objective of increasing indigenous involvement in the
upstream sector of the oil and gas industry.

Magaji Muhammed
Inuwa, director of FHN, said, “ACA’s reputation for investing in, and
supporting the growth of Nigerian ventures across all sectors is well
recognised, and we look forward to working with them to deliver on
FHN’s vision of increasing indigenous ownership in the upstream sector
of the Nigerian economy.”

Paul Kokoricha,
director of ACA, said, “The opportunity to invest in FHN is directly
aligned to our growth investment strategy and commitment to provide
support to develop the Nigerian indigenous sector.

“The obstacles to indigenous success in the upstream sector are well
known and FHN’s combination of access to Nigerian capital, growth of
indigenous capacity, as well as the technical and operational
excellence provided by their partner, Afren, is a strong basis for
success.”