Oando Plc has stated that it contributed $550 million to the $925 million released to the Federal Government by the African Export-Import Bank under the $3.3 billion crude oil-backed loan facility sponsored by Nigerian National Petroleum Business Limited.
According to a corporate notification filed with the Nigerian Exchange Limited on Friday, the oil corporation made the payment through its subsidiary, Oando Trading.
NNPC’s $3.3 billion oil-for-cash loan was initially disclosed in August 2023 as a transaction to support the naira and stabilize the foreign currency market, according to The Punch.
Oando, in a statement signed by its Chief Compliance Officer/Company Secretary, Ms Ayotola Jagun, stated that it was a party to the $925 million agreement established and handled by African Export-Import Bank for Project Gazelle, the transaction’s name.
The firm stated that in addition to the $550 million, the rest of $375 million was raised by other parties.
Group Chief Executive, Oando Plc, Wale Tinubu, explained, “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. 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.”
Commenting on the disbursement, the President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said, “The milestone achieved thus far on this facility demonstrates the bank’s capabilities in performing its role as a crucial development partner for Africa.
“It reaffirms our commitment to assisting our member states in their efforts to achieve economic growth and stability. This funding will greatly support the attainment of Nigeria’s short and long-term economic development priorities.”
