28 Mar

Nigeria’s Sahara Revives IPO as It looks to Pump More Oil

Nigerian energy conglomerate Sahara Group Ltd. said it revived plans for a share-sale as it looks to increase oil production four-fold to 100,000 barrels per day.

Lagos-based Sahara mulled an initial public offering in the Nigerian commercial capital and London in 2015, before falling crude prices forced it to backtrack.

“The IPO is now back on the table,” Tonye Cole, Sahara’s executive director and co-founder, said in an interview in Kigali, Rwanda. “After we made the announcement then, the entire market crashed, oil prices went down, and so we put the plans on hold.”

Cole didn’t provide a timeframe or say how much he wanted to raise. In 2015, he said he would look to sell as much as 25 percent of Sahara for $600 million.

Read the full article @Bloomberg

 

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