Oando Contributes $550 Million to $925 Million Afreximbank-Led Financing for Project Gazelle

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Oando Plc announced its participation in a $925 million accordion financing arranged by African Export-Import Bank (Afreximbank) for Project Gazelle, a crude oil-backed forward-sale finance initiative sponsored by Nigerian National Petroleum Corporation Limited (NNPCL).

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The accordion arrangement allows for an increase in the loan facility’s maximum limit, with Oando contributing $550 million through its subsidiary, Oando Trading. Other stakeholders raised the remaining $375 million to complete the facility.

Project Gazelle, facilitated by NNPCL, involves a $3.3 billion crude oil prepayment loan from Afreximbank, aimed at alleviating dollar scarcity in Nigeria’s foreign exchange market. Repayment includes pre-agreed crude oil deliveries plus an 11.85% annual interest component.

Sahara Energy Resource Limited also participated in the accordion arrangement alongside Oando. Afreximbank served as the mandated lead arranger, bookrunner, and facility agent for the transaction.

Benedict Oramah, Afreximbank’s president, emphasized that the financing supports Nigeria’s economic growth objectives, noting that Project Gazelle represents one of the continent’s largest syndicated debts and the largest crude oil-backed facility in Nigeria.

“This funding will significantly bolster Nigeria’s economic priorities in the short and long term,” Oramah added in a statement.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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