By Folasade Akpan
Abuja, 28 Jan. 2021 Afreximbank has disbursed 250 million dollars as part of its support for Trans Niger Oil and Gas Ltd (TNOG) to acquire 45 per cent stake in Oil Mining Lease (OML) 17 onshore oilfield.
The NNPC holds 55 per cent equity in the Lease.
The disbursement is about a quarter of the financing required to enable TNOG to buy stakes in the Lease from Shell Petroleum Development Company, Total E&P Nigeria Ltd. and ENI (AGIP).
The total support package from Afreximbank – Africa Export Import Bank – is 1.1 billion dollars, it said in a statement issued in Cairo on Thursday.
It noted that with the 250 million dollar Reserve Based Lending (RBL) facility, Afreximbank was the largest lender in the acquisition process.
2 min read
Afreximbank has disbursed a $250 million credit to Trans Niger Oil and Gas Ltd (TNOG) to enable the company acquire 45 per cent stake in Oil Mining Lease (OML) 17 onshore oilfield.
The
NNPC holds 55 per cent equity in OML 17.
The disbursement is about a quarter of the financing required to enable TNOG to buy stakes in the lease from Shell Petroleum Development Company, Total E&P Nigeria Ltd. and ENI (AGIP).
The total support package from Afreximbank – Africa Export Import Bank – is $1.1 billion, the bank said in a statement on Thursday, according to the News Agency of Nigeria.
The bank noted that with the $250 million dollar Reserve Based Lending (RBL) facility, Afreximbank was the largest lender in the acquisition process.
Punch Newspapers
Sections
Tony Okafor, Awka
A former Chairman/Chief Executive Officer of Transnational Corporation of Nigeria Plc, Valentine Ozigbo, on Sunday urged Anambra State voters to elect someone in the class of ex-Governor, Peter Obi, in the forthcoming governorship election scheduled for November.
Ozigbo, who is aspiring to fly the flag of the Peoples Democratic Party in the forthcoming polls said, “Peter Obi left Anambra on a positive trajectory with various sums left in many banks which have been validated by many sources.
“But today, Anambra is in such a debt that one starts to wonder how the state government is where it is now.
Goddy Egene
The stock market rebounded last week recording a gain of N552 billion after declining in the first week of the year.
After posting a record growth in 2020, profit-taking by investors made the market close with a decline of 0.37 per cent in the Nigerian Stock Exchange (NSE) All-Share Index (ASI) and N78.7 billion in market capitalisation in the first week.
However, the market recovered in the second week with the market capitalisation adding N552 billion to close at N21.530 trillion while the NSE ASI rose by 2.63 per cent to be at 41,176.14. The growth followed renewed demand by investors who are cherry-picking stocks with attractive dividend yields ahead of full year 2020 dividend declarations.
The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing.