Oando PLC, a Nigerian indigenous energy group, has announced its involvement in the successful closure of a $925 million loan arranged and coordinated by the African Export-Import Bank (Afreximbank) for Project Gazelle.
The arrangement involved a contribution of $550 million by Oando Trading, a subsidiary of Oando PLC, with the remaining $375 million raised by other parties, resulting in a total disbursement of $925 million.
Project Gazelle is a $3.3 billion structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL).
This landmark $3.3 billion Afreximbank-arranged financing represents the largest syndicated loan ever raised by Nigeria in the international market, and one of the largest syndicated debts raised in Africa in recent years.
Commenting on Oando’s participation, Wale Tinubu, Group Chief Executive of Oando PLC, stated, “The successful completion of this facility signifies another win for the company and the country at large.”
“The transaction further reinforces Oando’s ability to create value and the company’s status as the indigenous partner of choice in Nigeria.
“As a proudly indigenous company, our ambition has always been to use our platform to support the sustainable development of the nation.”
In August, last year, the NNPCL said it had secured the crude oil repayment loan from the Cairo-based bank that would support the government’s reforms to stabilise the exchange rate market.
