In a significant development, Oando Plc, Nigeria’s leading indigenous energy group, has announced the successful closure of a $925 million accordion for Project Gazelle. This achievement marks a new chapter in the energy sector, reinforcing Oando’s status as a key player in the industry.
Project Gazelle is a structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited (NNPC Limited). The project, which is worth a total of $3.3 billion, is the largest syndicated loan ever raised by Nigeria in the international market and one of the largest syndicated debts raised in Africa in recent years.
The successful closure of the $925 million accordion was coordinated by the African Export-Import Bank (Afreximbank). Oando Plc contributed $550 million through its subsidiary, Oando Trading. The remaining $375 million was raised by other parties, bringing the total disbursement amount to $925 million.
This achievement is a testament to Oando’s ability to create value and its status as the indigenous partner of choice in Nigeria. The company’s participation in the closure of this facility signifies another win for the company and the country at large.
Wale Tinubu, Group Chief Executive, Oando Plc, expressed his delight at the successful completion of the facility. He said, “The successful completion of this facility signifies another win for the company and the country at large. The transaction further reinforces Oando’s ability to create value and the Company’s status as the indigenous partner of choice in Nigeria.”
Tinubu further added, “As a proudly indigenous company our ambition has always been to use our platform to support the sustainable development of the nation. Against this backdrop, Project Gazelle will be instrumental in realizing the Federal Government’s efforts to boost the country’s socio-economic indices. Afreximbank as lead arranger continues to support African corporations – public and private growing confidence in the market and continent.”
The successful closure of the $925 million accordion for Project Gazelle is a significant milestone for Oando Plc and the Nigerian energy sector. It not only showcases Oando’s commitment to the sustainable development of the nation but also reinforces the company’s status as a key player in the industry.
This achievement is expected to have a positive impact on the country’s socio-economic indices. It is a clear indication of the growing confidence in the market and the continent, and it is hoped that it will pave the way for more such successful collaborations in the future.
In conclusion, the successful closure of the $925 million accordion for Project Gazelle by Oando Plc is a significant achievement that reinforces the company’s status as a key player in the Nigerian energy sector. It is a testament to the company’s ability to create value and its commitment to supporting the sustainable development of the nation. This achievement is expected to boost the country’s socio-economic indices and pave the way for more such successful collaborations in the future.
