Oando Says Participating In Nigeria’s $3.3bn Afreximbank Syndicated Loan

Nigerian indigenous energy group, Oando Plc, on Friday informed the Nigerian Exchange Limited that on May 17, 2024, it participated in the successful closure of a US$925m accordion arranged and coordinated by African Export-Import Bank (Afreximbank) for Project Gazelle.

Project Gazelle, Oando Plc explained, is a US$3.3bn structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited (NNPC Limited). It is today 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.

The accordion arrangement, it said in a statement by Ayotola Jagun, Chief Compliance Officer and Company Secretary, Oando Trading its subsidiary, committing up to US$550m, with the balance $375m raised by other parties to get a total disbursement amount of US$925m.

Commenting on Oando’s participation, Wale Tinubu, Group Chief Executive, Oando Plc said “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. Against this backdrop, Project Gazelle will be instrumental in realizing the Federal Government’s efforts to boost the country’s socioeconomic indices. Afreximbank as lead arranger continues to support African corporations – public and private growing confidence in the market and continent.”