Ecobank Capital Raise $500m Facility for Orion Oil Ltd


ecobank-logoEcobank Capital, the investment banking arm of the Ecobank Group at the weekend disclosed it recently raised $500 million for Orion Oil Limited.
While Ecobank Capital acted as the Mandated Lead Arranger, the United Bank for Africa (UBA) Plc was the co-arranging bank. Participating lenders were Afreximbank, BGFIBank Group, UBA Group, Banque Atlantique Group and the Ecobank Group.
The amount would be utilised for the pre-payment of crude oil cargoes to be supplied by Société Nationale des Pétroles du Congo (the National Oil Company of the Republic of Congo).
The facility comprises of a dollar-denominated $342 million tranche and a XAF-denominated $158 million tranche.
A statement quoted the Acting Managing Director of Ecobank Capital, Mr. Ikenna Onyejiaka, to have said the landmark transaction underscored Ecobank Capital’s capabilities as a lead arranger of syndicated loans, working with Africa’s key financial institutions.
Also, the Executive Director of Ecobank Nigeria, Ms. Foluke Aboderin, said: “Ecobank is proud to be associated with Orion Oil Limited, truly International Oil Company with a reputable track record.
“For us at Ecobank, this transaction is undeniably strategic and represents what we are about – leveraging our large footprint across middle Africa to support viable business for the development of our continent. Our expectations are that we would continue this strategic alliance/partnership with Orion in a manner that is mutually beneficial to both institutions.”
On his part, the Managing Director of UBA Cameroon, Mr. Georges Wega, said his organisation participation in the deal underscored its passion to support African businesses and develop the economies of the continent.
In the same vein, the President of Afreximbank, Mr. Jean-Louis Ekra, stated: “Afreximbank is delighted to be part of this transaction which not only supports Orion Oil Limited in consolidating its position as a leading indigenous player in the oil sector but significantly boosts the capacity of the Republic of Congo to meet the development needs of its citizens.
“The transaction is a reflection of Afreximbank’s commitment to promoting trade and supporting local entrepreneurs.”
Orion is a privately held company whose principal activities include the physical trading of crude oil and refined products. The company focuses on the value chain of the oil and gas industry, supplying approximately 100,000 metric tons of refined products each month along the West African Coast and holding interests in oil and gas fields in Congo.

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Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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