Oando Plc, Nigeria’s leading indigenous energy group, has notified the public that on May 17, 2024, it was party to the successful closure of a $925 million accordion arranged and coordinated by the African Export-Import Bank (Afreximbank) for Project Gazelle. The accordion arrangement saw a contribution of $550 million by Oando Trading, a subsidiary of Oando Plc. The balance of $375m was raised by other parties to get a total disbursement amount of $925 million.
Oando Plc is listed on both the Nigerian Exchange Limited (NGX) and Johannesburg Stock Exchange (JSE) in South Africa.
Project Gazelle is a $3.3 billion structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited (NNPC Limited). This landmark $3.3 billion Afreximbank-arranged financing 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 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, Oando Plc, said.
He 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 socioeconomic indices. Afreximbank as lead arranger continues to support African corporations – public and private growing confidence in the market and continent.”
Meanwhile, Oando Plc announced it has received confirmation from the JSE on the lifting of the suspension on the secondary listing of the company’s securities. This change took effect from June 5, 2024, allowing trading to resume.
The energy firm acknowledged and appreciated the patience of its stakeholders during the time the suspension lasted even as it remains committed to maintaining the highest standards of corporate governance and transparency.
