Oando Announces Successful US$550m Participation in Project Gazelle

Oando PLC has announced its significant involvement in Project Gazelle, a US$3.3 billion structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited (NNPC). The announcement was made via a statement signed by Ayotola Jagun, Chief Compliance Officer/Company Secretary of Oando.

Oando revealed that it played a key role in the successful closure of a US$925 million accordion arranged and coordinated by the African Export-Import Bank (Afreximbank) for Project Gazelle. The statement specified, “Oando PLC, Nigeria’s leading indigenous energy group, hereby wishes to notify the public that on May 17, 2024, it was party to the successful closure of a US$925m accordion arranged and coordinated by African Export-Import Bank, Afreximbank, for Project Gazelle.”

Oando Trading, a subsidiary of Oando PLC, contributed US$550 million to the arrangement. The remaining US$375 million was raised by other parties, achieving a total disbursement of US$925 million. Project Gazelle, a groundbreaking US$3.3 billion finance facility, represents the largest syndicated loan ever raised by Nigeria in the international market and one of the largest syndicated debts in Africa in recent years.

Wale Tinubu, Group Chief Executive Officer of Oando PLC, commented on the achievement, “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 TunubuTinubu emphasized Oando’s commitment to supporting Nigeria’s sustainable development, stating, “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 socio-economic indices. Afreximbank as lead arranger continues to support African corporations, public and private, growing confidence in the market and continent.”

This landmark financing initiative underscores the collaborative efforts between Nigerian enterprises and international financial institutions, paving the way for enhanced economic growth and stability.

*Source: Oando PLC*