Pathway Advisors Limited has announced its role as Sole Financial Adviser and Arranger to Jimcol Resources Nigeria Limited in a N4.895 billion capital raise, supporting the company’s strategic expansion within the subsea services segment.
A statement by Pathway Advisors on Monday said that the funds were used to acquire a Diving Support Vessel (DSV TWL Surveyor) and working capital finance.
“Pathway Advisors structured a N2.56 billion private debt, which provided part of the funding to support the acquisition of a Diving Support Vessel. This was followed by a N2.335 billion Commercial Paper (CP) Issuance under a N5 billion CP Programme to meet Jimcol’s working capital needs.
“The CP issuance, initially targeted at N2 billion, was oversubscribed, underscoring strong investor confidence in Jimcol’s credit profile and long-term business strategy.
“The newly acquired DSV TWL Surveyor has now been delivered and will significantly enhance Jimcol’s operational capabilities. The purpose-built Diving/ROV and Surveying vessel is equipped with advanced systems for a wide range of diving and survey operations and is currently one of a kind in the Nigerian market. The Vessel will initially be deployed to fulfill existing contract obligations with Chevron Nigeria Limited and will simultaneously be pre-qualified and pre-mobbed with all other major oil and gas operators for rapid deployment across the industry,” the statement noted.
At a reception held at Jimcol’s Port Harcourt office to celebrate the milestone, Mr. Ndubuisi Chijioke, Managing Director of Jimcol Resources Nigeria Limited, said:
”We are thrilled that our recent capital raise received an overwhelmingly positive response from investors.
“This is more than a successful capital raise; it shows the market’s confidence in Jimcol’s strong financial position, operational efficiency, foreign exchange earnings, diversified business model, and growth potential. Part of the funds raised was used to support the acquisition of the Diving Support Vessel we are here today to inspect. This vessel will significantly reduce our operating costs on some of our contracts by about 50%. I sincerely thank our institutional investors, including Pension Fund Administrators (PFAs), Asset Managers, Insurance firms, and other investors, for their trust in Jimcol Resources.
“We are deeply appreciative of the strategic support provided by Pathway Advisors Limited. Their expertise and professionalism were instrumental in the successful execution of this milestone as our Financial Adviser”, he said.
Chijioke added that Jimcol is also concluding arrangements to acquire an Inspection ROV and Inspection Drone as part of its commitment to deploying advanced inspection technologies.
He further expressed his appreciation to the other key stakeholders, including FSDH Asset Management Limited and Fidelity Bank Plc, for their support.
Also speaking at the event, Mr. Adekunle Alade (MBA, FCA), MD/CEO of Pathway Advisors Limited, stated: “We are delighted to have led this landmark capital raise for Jimcol.
“The overwhelming subscriptions reflects strong investors’ confidence in Jimcol’s business fundamentals. This transaction underscores Pathway’s commitment to helping credible indigenous companies access long-term strategic capital to scale and compete effectively in key growth sectors.
“We thank the Board and Management of Jimcol Resources Nigeria Limited for entrusting us with this mandate,” he concluded.
Additional information can be found on the company’s website at www.pathwayadvisorsng.com
For financial advisory services on fundraising, send an email to: advisory@pathwayadvisorsng.com
