Afreximbank Disburses Additional $925m for Project Gazelle

The African Export-Import Bank (Afreximbank) has announced an additional disbursement of $925 million under the $3.3 billion crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company (NNPC) Limited. This brings the total current funded facility size to $3.175 billion.

Arranged and coordinated by Afreximbank, the additional funding was raised from a consortium of crude oil off-taker lenders, including Oando Group and Sahara Energy Resource Limited. Afreximbank served multiple roles in the transaction, including Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent, and Collateral Agent.

The funding aims to support Nigeria’s macroeconomic stability, long-term economic growth, industrialization, and trade development efforts. This latest disbursement follows the initial $2.25 billion funded commitments received in December 2023, bringing the total disbursed to $3.175 billion.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasized the bank’s commitment to supporting member states’ economic growth and stability. He noted that the original facility, being the largest crude oil-backed facility in Nigeria and one of the largest syndicated debts in Africa, demonstrated a strong market appetite for well-structured commodities-backed instruments.

Mele Kyari, Group CEO of NNPC Limited, praised Afreximbank for its investment philosophy and commitment to co-creating prosperity. He assured continued growth in Nigeria’s hydrocarbon resources and strengthening partnerships across the oil and gas value chain both locally and globally.