The Nigerian government have gotten $925 million from Afreximbank.
The financial institution announced the disbursement of $925m under the syndicated $3.3 billion crude oil-backed prepayment facility organized by the Nigerian National Petroleum Company Limited.
The development coincides with the Naira recording a marginal appreciation to ₦1481.49 against the dollar at the official foreign exchange market on Thursday.
The latest Afreximbank’s accordion disbursement for Project Gazelle Funding Limited brings the total current funded facility size to $3.175 billion.
The accordion arrangement by Afreximbank saw the raising of a combined total of $925 million from a consortium of crude oil off-taker lenders including but not limited to the Oando Group and Sahara Energy Resource Limited.
“Afreximbank acted as Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent and Collateral Agent for the transaction which is expected to provide further support for Nigeria’s macroeconomic stability and long-term economic growth while enhancing the country’s industrialization and trade development efforts,” the bank stated in a statement posted on its website on Thursday.
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