We are delighted to announce our role as English law and Nigerian law advisers to Africa Finance Corporation (AFC) on a landmark project development facility to Blackrose. This financing is pivotal. It funds the pre-development costs of Blackrose’s ambitious US$1.6 billion, 1.8 million tons per annum natural gas to methanol production facility in the gas-rich region of Akwa Ibom, Nigeria (the Project).
Africa Finance Corporation facility for the Blackrose methanol project
Blackrose, a leading development and investment management firm, has secured a licence to establish a cutting-edge, low-carbon methanol plant in Akwa Ibom, Nigeria. With this significant milestone, Blackrose is set to begin construction and development of the plant in due course.
How the Project will run
The Project will run in two equal phases, each designed to produce 1.9 million tons per annum. Phase 1 will focus solely on methanol production. Phase 2 will add the co-production of ammonia.
The plant’s innovative design aims to cut CO2 emissions, lower natural gas consumption and reduce excess steam production, compared with conventional plants. As a result, the Project will significantly advance green energy in the region and foster a cleaner and greener future.
Our role in the Project
Olaniwun Ajayi’s work for the lender shows the Firm’s commitment to transformative projects that move Nigeria towards its net-zero goals. These projects also strengthen the African energy sector and economy. We are honoured to have played an integral role in this landmark project from inception.
According to Dr Gabriel Onagoruwa, Chair of Finance and Project Development at Olaniwun Ajayi (UK) LLP, “Our engagement in this groundbreaking project is significant as it highlights our enthusiasm and dedication to pioneering sustainable energy solutions in Africa. We are proud to support initiatives that not only drive economic growth but also champion environmental stewardship. This project exemplifies what is achievable when innovation and sustainability are at the forefront of development.”
For more on the sector, read our Oil & Gas 2025 wrap-up and 2026 outlook.