Afreximbank disburses US$250m in the acquisition of OML 17 onshore oilfield by TNOG

NIGERIA – African Export-Import Bank (Afreximbank) has disbursed US$250 million of the US$1.1 billion that supported the acquisition by Trans Niger Oil and Gas Limited (TNOG) of a 45% stake in OML 17 onshore oilfield. With this US$250-million Reserve Based Lending facility, Afreximbank was the largest lender, underwriting about a quarter of the financing that enabled TNOG to buy stakes in OML 17 from Shell Petroleum Development Company, Total E&P Nigeria Limited and ENI. Other participating lenders include Africa Finance Corporation, Union Bank, Shell, Hybrid Capital and Schlumberger, with TNOG…

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