ADM Energy Appoints REYL Group to Help Develop its Nigerian Energy Projects
ADM Energy Plc, a natural resources investing company, has announced the appointment with REYL Group, an independent banking group providing financial advisory services and investment solutions to private and institutional clients, to support ADM with the development and financing of energy projects in Nigeria and West Africa, the company said in a statement last weekend.
REYL Group is a Geneva-based banking group that manages assets in excess of 13.5 billion Swiss francs. It will advise ADM on, inter alia, financing structures for future projects including the acquisition of the interest in OML113 from EER (Colobus) Nigeria Limited, announced on 24 February 2020, and any follow-on agreements with Trafigura Pte Ltd pursuant to the memorandum of understanding signed with Trafigura on 3 February 2020.
Under the terms of the MOU, it is the intention of ADM and Trafigura to create a strategic alliance where ADM will act as the sponsor for investment opportunities in the African energy sector which will be presented to Trafigura for consideration as a trading counterparty, or financing provider.
The chief executive officer of ADM, Osamede Okhomina, “The agreement with REYL Group’s Structured Finance team will help support ADM as we progress our strategy to increase the Company’s oil and gas reserves and production through the acquisition of undervalued assets. We have identified several investment opportunities and look forward to progressing any potential deals with the support of REYL Structured Finance and Trafigura.”
By Chibisi Ohakah, Abuja