ANNOUNCEMENT 28 Jan 2021

In January 2021, the African Export-Import Bank disbursed USD 250 million to Trans-Niger Oil & Gas Limited (TNOG) to support its acquisition of the OML oilfield. 

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Afreximbank, Afreximbank disburses US$250 million in support of Trans Niger Oil and Gas Limited’s Acquisition of 45% Stake in OML 17, 28 January 2021, Available at: https://www.afreximbank.com/afreximbank-disburses-us250-million-in-support-of-trans-niger-oil-and-gas-limiteds-acquisition-of-45-stake-in-oml-17/

Inception date: 28 Jan 2021 | Removal date: open ended

State loan

On 28 February 2021, the African Export-Import Bank disbursed USD 250 million to Trans Niger Oil and Gas Limited (TNOG) to support its 45% acquisition of OML 17 onshore oilfield. The USD 250 million lending facility enabled TNOG to buy stakes in OML 17 from Shell Petroleum Development Company, Total E&P Nigeria Limited, and ENI.

TNOG will operate the OML 17 onshore oilfield on behalf of the Nigerian National Petroleum Corporation, which owns the remaining 55% working interest.

Trans Niger Oil and Gas Limited is a leading African conglomerate with interests in banking, insurance, real estate, hospitality, and power. The company has its headquarters in Lagos, Nigeria. 

In this context, the President of Afreximbank Benedict Oramah said: "This transaction further underscores Afreximbank’s commitment to ensuring that indigenous African companies are able to play a more dominant role in the operations of specialized oil and gas assets in an industry hitherto dominated by the International Oil Companies. TNOG as the Operator of OML 17 will invest in an accelerated production ramp-up thereby boosting foreign exchange earnings and employing more Africans. This resonates with our mandate. We congratulate Heirs Holdings for keeping the Africa flag flying."

 

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