The decision was based on the confidence of Fox Petroleum
Group Board of Directors had in the President Bola Tinubu-led administration,
especially its determination 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.
According to Chairman of Fox Petroleum Group, Dr. Ajay
Kumar, Fox Petroleum wants to enter into fund investment provision 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.”
The Indian-born Dr. Kumar said that the details of the
landmark funding deal offered by Fox Petroleum would be revealed to the general
public after a closed-door meeting with Nigeria’s President Tinubu, who doubles
as the Minister of Petroleum Resources.
Similarly, the Business Representative of Fox Petroleum in
Nigeria, Mr. Yomi Falana, noted that Nigeria was reaping the dividend of good
governance under the leadership of
Tinubu with the country now becoming the preferred destination of
foreign investors.
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