Arranged and coordinated by Afreximbank, the accordion arrangement saw the raising of a combined total of the
This brought the total funded facility size for Project Gazelle to
Project Gazelle is a
The statement added that it was designed to enable the much-required forex injection into
It is also expected to enable investments in critical projects to boost production and in turn, generate increased revenues, part of which would be used in paying off the facility over a five-year period, it noted.
Speaking on
" The successful completion of this facility signifies another win for the company and the country at large. The transaction further reinforces
"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 realising 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," Tinubu stated.
One of the key reasons given for the novel Project Gazelle,
In a joint statement with Afreximbank, NNPCL'S Group CEO,
"The successful disbursement of the first accordion under Project Gazelle and its interest in funding viable and strategic projects is a clear indication of investors' confidence in NNPCL and
He further assured Afreximbank and all investing communities of NNPCL's resolve to continue to grow the nation's hydrocarbon resources and strengthen its partnerships across the oil and gas value chain locally, and globally.
Commenting on the disbursement, President & Chairman of the Board of Directors, Afreximbank, Prof. Benedict Oramah, said the funding will greatly support the attainment of
"The milestone achieved thus far, on this facility, demonstrates the bank's capabilities in performing its role as a crucial development partner for
"This funding will greatly support the attainment of
Oramah described the original facility as 'a landmark' for being the largest crude oil-backed facility in
He added that the closure of the first accordion demonstrated the existence of positive market appetite for well structured commodities-backed instruments.
In its second win for the week,
After a two-month suspension, the JSE's recent action means investors in
Furthermore,
It pointed out that investors had shown a strong and positive response to the release of the company's 2023 unaudited financial reports which showed a major recovery for the indigenous energy company.
"
"After recent upheavals, it looks like exciting times are ahead for
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