Oando Announces Successful $550m Participation In Project Gazelle

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

The Company in a statement said “the accordion arrangement saw a contribution of $550 million by Oando Trading, a subsidiary of Oando Plc.

“The balance of $375 million was raised by other parties to get a total disbursement amount of $925 million. 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),” it stressed.

It added that “this landmark US$3.3bn 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.”

Speaking on Oando’s participation, group chief executive, Oando, Wale Tinubu said “the successful completion of this facility signifies another win for the company and the country at large.
The transaction, he said, further reinforces Oando’s ability to create value and the Company’s status as the indigenous partner of choice in Nigeria.

He added that “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 realising 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.”