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Fox Petroleum agrees to invest $2.5B in NNPC

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The Investors Fox Petroleum said it decided to invest in the Nigerian Government owned Oil brand NNPCL, based on the confidence the Fox Petroleum Group Board of Directors had in the President Bola Tinubu-led administration. It’s determination is to increase Nigeria’s oil and gas production and reserves, boost the federation’s revenue, create jobs for the teeming population and contribute to the development of the host communities. The group is set to help NNPC achieve it’s mining and exploration goals target with this fund.

Chairman of Fox Petroleum Group, Dr. Ajay Kumar, who is of Indian Nationality said “Fox Petroleum wants to investment in provisional role by releasing $2.5 Billion yearly over a consecutive 3-year period meant to “acquire, invest and operate energy-producing assets in Nigeria as part of NNPCL’s growth strategy following its incorporation as a limited liability company as promulgated under the Petroleum Industry Act, PIA.

According to Vanguard News, Fox Petroleum Group representative in Nigeria, Mr. Yomi Falana said “Nigeria was finally reaping the dividend of good governance under the leadership of BAT administration. The country is now becoming the preferred destination of foreign investors”.