Oando Plc Signs Contract Worth $800 million With Afreximbank in Cairo, Egypt

[Amazin Zion]

Oando Plc recently signed a deal worth $800 million in partnership with the African Export and Import Bank (Afreximbank) at the ongoing Intra-African Trade Fair that took place in Cairo, Egypt.

In a tweet on its X handle on Wednesday, IATF said that the deal was for a syndicated dual facility.

A tweet on X, formerly Twitter shows that the IATF said that the contract was for a syndicated dual facility.

It reads,

• Afreximbank has signed a US$800M Syndicated Dual Facility deal with Oando! This strengthens Afreximbank’s commitment to empower African institutions and enhance local capacity.
• A game-changer for Oando, propelling them to new heights in the oil industry!

The IATF also disclosed more information about the deal as it revealed that a part of the fund comprised a $500 million Senior Secured Reserve Based Lending facility and also a $300 million Receivables Backed Term Loan facility.

The PUNCH reports that the goal is to fuel a strategic acquisition of a 20% participating interest in the Nigerian Agip Oil Company Limited which includes Oil Mining Leases 60, 61, 62, and 63, as well as the entire issued share capital of NAOC, acquired from Eni S.A.

Read more: https://www.investingport.com/oando...-800-million-with-afreximbank-in-cairo-egypt/