Nigeria's Sahara to raise up to $1.4B in London & Lagos IPOs along with debut dollar bond sale

Tonye Cole, Co-Founder & Group Executive Director, Sahara Group

Sahara Group, a Nigerian energy company, plans to raise as much as $1.4 billion through a dual listing of its oil and gas unit in London and Lagos along with a debut dollar bond sale.

Lagos-based Sahara, which trades crude oil and owns Nigeria’s biggest power plant, wants the money to buy oil blocs in Africa’s largest producer as it seeks to ramp up production five-fold to 60,000 barrels a day, said Executive Director Tonye Cole.

Sahara is seeking as much as $600 million in the initial public offering, which may take place within a year, and $800 million through a seven-year bond that should be issued by the end of October, he said.

Read more: Sahara Plans to Dual List Oil and Gas Unit in London, Lagos – Bloomberg Business