The funding was coordinated by Afreximbank and raised from a consortium of crude oil off-taker lenders, including Oando Group and Sahara Energy Resource Limited. Afreximbank played a crucial role in this transaction, serving in multiple capacities such as Lead Arranger, Bookrunner, and Facility Agent.
This financial boost aims to support Nigeria’s economic stability and growth, focusing on industrialization and trade development. The previous tranche, which was finalized in December 2023, saw commitments totaling $2.25 billion.
Afreximbank President Prof. Benedict Oramah highlighted the bank’s role as a key development partner for Africa, emphasizing its commitment to economic growth and stability in member states. He described the facility as a landmark achievement and one of the largest syndicated debts raised in Africa.
NNPC Group CEO Mele Kyari praised Afreximbank for its investment philosophy and support for strategic projects, noting the confidence shown by investors in Nigeria’s growth potential.
About Afreximbank:
Afreximbank is a Pan-African financial institution dedicated to financing and promoting intra- and extra-African trade. With innovative financing solutions, the bank supports Africa’s economic expansion and industrialization. Afreximbank is a strong advocate of the African Continental Free Trade Agreement (AfCFTA) and has launched a Pan-African Payment and Settlement System (PAPSS) to facilitate its implementation. As of September 2023, Afreximbank’s total assets and guarantees exceeded $33.4 billion, with shareholder funds amounting to $5.8 billion. The bank has received high investment-grade ratings from agencies like Moody’s, Fitch, and GCR.
Source: Afreximbank News
