Financials

Nigeria’s Acorn Petroleum plans expansion

Nigeria’s Acorn Petroleum plans expansion

Nigeria’s Acorn Petroleum has concluded arrangements to expand its downstream operations with a view to providing value-adding services to the nation’s oil and gas sector.

Acorn Petroleum’s Managing Director Doyin Adeyinka said Acorn has approached the capital market to raise additional funds which will be used for the company’s restructuring, working capital and investment in critical infrastructure like construction of storage depots in Lagos, Port Harcourt and Abuja airports, construction of a lubricants blending plant, expansion of its retail outlets chain, cooking gas plant and the development of an ultra-modern oil terminal.

He said the expansion is expected to be concluded before the second quarter of next year.

“As part of its strategic plans and to give liquidity and exit options to its shareholders, the company has commenced the process of listing its existing shares with NASD via listing by introduction. This is expected to be concluded in December 2015,” he said.

Adeyinka also debunked the reported sale of Acorn’s assets by the Assets Management Company of Nigeria (AMCON). He said the firm does not have any assets encumbered by AMCON.In 2013, the company entered into an agreement with AMCON wherein Acorn sold one of its assets to AMCON in full and final payment of its indebtedness.

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