The African Export-Import Bank (Afreximbank) has confirmed its provision of $650 million in funding to support Oando Plc’s acquisition of a 100% stake in Nigerian Agip Oil Company Limited (NAOC).
In a statement released on Friday, Afreximbank disclosed that it facilitated a senior reserve-based lending facility of $500 million and a junior facility of $150 million for Oando Petroleum and Natural Gas Company Limited, which enabled the transaction.
The funds were directed towards Oando’s purchase of the 20% stake held by NAOC in the NEPL/NAOC/Oando Joint Venture in Nigeria. Oando had announced the completion of the acquisition, describing it as a significant achievement in the company’s history.
Haytham Elmaayergi, the Executive Vice President of Global Trade at Afreximbank, praised the deal, stating that it aligns with the bank’s mission to promote local content within Africa’s oil and gas industry.
He emphasized that the support for Oando’s acquisition strengthens economic empowerment, enhances regional trade, and contributes to the sustainable development of Africa’s natural resources.
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