Mohammed Shosanya
Oando Plc, Nigeria’s indigenous energy group,says it was party to the recent successful closure of a $925m accordion arranged and coordinated by African Export-Import Bank (Afreximbank) for Project Gazelle.
The accordion arrangement saw a contribution of $550m by Oando Trading, a subsidiary of Oando PLC. The balance of $375m was raised by other parties to get a total disbursement amount of $925m,a statement said on Friday.
Project Gazelle is a $3.3 billion structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited (NNPC Limited).
According to the statement,the landmark $3.3 billion Afreximbank-arranged financing is 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.
Speaking on Oando’s participation, Group Chief Executive, Oando PLC Wale Tinubu, said “The successful completion of this facility signifies another win for the company and the country at large.
The transaction,he said,further reinforces Oando’s ability to create value and the Company’s status as the indigenous partner of choice in Nigeria.
He added:”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 socio- economic indices. Afreximbank as lead arranger continues to support African corporations – public and private growing confidence in the market and continent.”