Duale, Ovia & Alex-Adedipe advises Duport Midstream Company Limited (DMCL) on NCDMB's acquisition of US$15 Million Equity Stake in DMCL

Posted on Jul 6, 2020

Duale, Ovia & Alex-Adedipe is pleased to have advised Duport Midstream Company Limited ("DMCL") in a groundbreaking US$15Million equity investment by the Nigerian Content Development and Management Board in DMCL. The investment is to be utilised for the construction of an Energy Park comprising a modular refinery of 2500 barrels per day, 300million standard cubic feet per day Compressed Natural Gas Facility and a 2 Megawatt Power Plant.

DOA is glad to have supported DMCL on this milestone having provided advice on structuring, negotiation and review of the investment documentation.

Speaking on the deal, Adeniyi Duale stated that the Project being embarked upon by Duport will encourage more refining capabilities for local consumption and create more jobs for Nigerians. It this era of global depression and microeconomic challenges, such an invesmtment in the energy sector is a welcome development.

The transaction was led by DOA Partners, Adeniyi Duale and Seye Ayinla.