12th December 2023
TEMPLARS Advised the Nigeria Infrastructure Debt Fund on Its NGN19.41 Billion Debt Facility to Falcon Corporation Limited
TEMPLARS has advised Chapel Hill Denham Management Limited as the Fund Manager to the Nigeria Infrastructure Debt Fund (“NIDF”) in its capacity as a lender in connection with its grant of a NGN19.41 Billion debt facility to Falcon Corporation Limited. The proceeds of the loan are earmarked for the development of a state-of-the-art 15,000 metric ton Liquefied Petroleum Gas (LPG) storage facility and a dedicated jetty situated in Rumuolumeni, Saipem/Aker Base Road, Port Harcourt, Rivers State, Nigeria
NIDF’s funding supports the Federal Government of Nigeria’s decarbonization strategy which is a move from traditional firewood, charcoal, and kerosene to LPG until 2030. It also supports the growth and advancement of Nigeria’s domestic Gas Industry. By the provision of this financing by NIDF, the integrated LPG infrastructure in Rivers State will in addition to increasing domestic LPG consumption, also help in achieving one of the critical sustainable development goals aimed at reducing carbon emissions and air pollution from the use of firewood for cooking by more than 30 million households.
The TEMPLARS team that acted as legal counsel to NIDF was led by Partner Zelda Akindele, supported by Managing Counsel Obianuju Ifebunandu, Senior Associate Osarugue Izekor, and Associate Victoria Aluko.
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