The captive direct investment business of Standard Chartered Bank has invested $47.5 million to acquire a minority stake in Seven Energy, a Nigerian gas exploration and development company, the firm said in a statement.
Seven Energy was formed in 2007 and provides gas to industrial firms in Nigeria. Yemi Osindero, head of the Standard Chartered’s Nigerian private equity acitivity, will join the company’s board.
Marlon Chigwende, head of Standard Chartered’s private equity business in Africa, said the firm would continue to make equity investments across the continent: “After a year of turmoil in the international debt markets, we see a clear need for committed equity to support growth.”
“Standard Chartered's African private equity team has already invested well over $100 million in Nigeria,” said Chigwende, adding that he anticipates the rate of investment to increase over the coming year.