Oando contributes $500m in NNPC-Afreximbank oil-backed loan deal

Oando Plc, a Nigerian energy group, has said it was party to the successful closure of the $925 million facility arranged and coordinated by African Export-Import Bank (Afreximbank) for Project Gazelle.

It said its subsidiary Oando Trading contributed $550 million while the balance $375 million was raised by other parties.

Project Gazelle is a $3.3 billion structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited, according to a statement.

“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,” Wale Tinubu, group chief executive of Oando said.

“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 socioeconomic indices,” he added.

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