The joint English and Nigeria team of Olaniwun Ajayi has advised National Petroleum Company Limited (NNPC Limited) in connection with the US$3.3 billion secured structured finance facility, strategically aimed at bolstering Nigeria’s foreign exchange reserves for macroeconomic stability and economic growth.
The financing was led by Africa Export-Import Bank in its capacity as the mandated lead arranger and United Bank for Africa Plc acted as the local arranging bank. The lending consortium for the initial phase of the financing included Africa Export-Import Bank, Africa’s multilateral trade finance institution, Gunvor International BV, a Geneva-based multinational energy and commodities trading company and Sahara Energy Resources Limited, an African-owned, leading international energy and infrastructure conglomerate.
According to the Managing Partner, Dr. Tominyi Owolabi, who led the Nigeria deal team, “this is an innovative and pioneering milestone for NNPC Limited as a key player in driving Nigeria’s economic resilience and it underscores investors’ sustained appetite for well-structured oil and gas transactions on the African continent”.