Oando Plc says it was involved in the closure of a $925 million accordion arranged and coordinated by the African Export-Import Bank (Afreximbank) for Project Gazelle, crude oil-backed prepayment facility.
says it was involved in the closure of a $925 million accordion agreement arranged and coordinated by the African Export-Import Bank for Project Gazelle, aIn business, an accordion feature allows organisations to increase their line of credit if needed, often to obtain more working capital or emergency cash.The loan was facilitated under a special purpose vehicle known as Project Gazelle by Afreximbank to support the naira and stabilise the foreign exchange market.
“The accordion arrangement saw a contribution of US$550m by Oando Trading, a subsidiary of Oando PLC. The balance $375m was raised by other parties to get a total disbursement amount of US$925m,” Oando said. Speaking on Oando’s participation, Wale Tinubu, the company’s group chief executive officer , said the successful completion of the deal signifies another victory for the company and the country as a whole.
“The transaction further reinforces Oando’s ability to create value and the Company’s status as the indigenous partner of choice in Nigeria,” he said.“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 socioeconomic indices.
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