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FG partners firm on energy infrastructure in Oil & Gas free zones

The Federal Government has signed a Memorandum of Understanding (MoU) with Axxela Limited to provide energy solution for investors in Onne and Ikpokiri oil and gas free zones. 

The transaction was executed by Free Zone Global Investments Limited (FZGIL),  the Special Purpose Vehicle (SPV ) of the Oil and Gas Free Zones Authority of Nigeria (OGFZA) in Abuja.

Under the MoU, Axxela, would collaborate on the development of energy infrastructure solutions for Onne/Ikpokiri oil and gas free zones.

Axxela Limited is the developer of Nigeria’s foremost natural gas distribution network and is also engaged in power generation and  distribution as well as gas processing and transmission.

Chairman of FZGIL Board, Mr. Umana Okon Umana, signed for the SPV, while the CEO of Axxela, Mr. Bolaji Osunsanya, endorsed for Axxela.

In his remarks, Umana noted that the MOU was an important milestone since there was “no way OGFZA can manage our free zones without power” for the investors to run their business.

Chairman of the SPV thanked Axxela for accepting to partner with OGFZA in the power project.

CEO of Axxela noted that the initiative was a big catalyst for OGFZA because, “once you can show the tenants that you can provide their energy needs then you are on your way to success.”

In attendance were a representative of Pricewaterhouse Coopers (PwC), the investment consultants of the SPV, Mr. Cyril Azobu and two of his associates.

Meanwhile senior officials of OGFZA were on hand to witness the event.