• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    MDXi Embraces Energy Efficiency and Environmental Sustainability
    South Africa’s Maite Nkoana-Mashabane yelled for Women’s representatives in the enactment of the African Continental Free Trade Area (AfCFTA)
    West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report
    Sierra Leone’s Ministry of Fisheries and Marine Resources upheld Friendship with Amsoft Technologies to enhance Canoe Registration Web Portal and Portative Application
    N10 Billion filled into the Scholastic realm of Nigeria by Dangote
    African Export-Import Bank (Afreximbank), African Association of Automotive Manufacturers (AAAM) Signs Agreement to Drive Automotive Investment in Africa
    African Union Commissioner disclosed Agriculture is crucial to African Growth
    $200 Million conserved by Rwanda for Continental Export Appropriation, Vincent Biruta Rwanda’s Minister of Foreign Affairs, unearthed
    Kenya Electricity Generating Company (KenGen) Signed Deal to Drill Geothermal Wells in Djibouti
    Egypt‘s – Benban Solar Park Enterprises envisions to Glisten the more in 2021

    $250 Million expended by the African Export Bank (Afreximbank) in subsidy of the Trans Niger Oil and Gas Limited Oil Mining License 17 Acquisition

    Posted On 30 Jan 2021
    By : New Africa Business News, Staff Correspondent
    Comments: 10

    By Abdul Rahman Bangura–

    Photo Credit: Afreximbank

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone-  The African Export-Import Bank (Afreximbank) has reimbursed $250 million of the $1.1 billion in sponsorship of the obtainment of 45% stake in Oil Mining License (OML 17) onshore oilfield by Trans Niger Oil and Gas Limited (TNOG).

    Afreximbank declared openly this in a statement issued January 28th, 2021 from its headquarters in Cairo, Egypt. With the $250-million Reserve Based Lending facility, Afreximbank was the biggest lender, underwriting about a quarter of the financing that allowed TNOG to pay for a shares in OML 17 from Shell Petroleum Development
    Company, Total Exploration and Production Nigeria Limited and ENI.

    Additional contributing lenders include: Africa Finance Corporation (AFC), Union Bank, Shell, Hybrid Capital and Schlumberger, with TNOG instructed by United Capital Plc. Precisely, the five-year $1.1billion facility, which was approved in December 2020, despite the economic headwinds provoked by the Novel Coronavirus (COVID-19)
    pandemic, was led, as Mandated Lead Arrangers, by Afreximbank, Standard Chartered Bank, and ABSA.

    Pursuing the accession, TNOG will now regulate the OML 17 onshore oilfield on behalf of the Nigerian National Petroleum Corporation (NNPC), that acquires the continuing 55% working interest.

    Professor Benedict Oramah, President of Afreximbank, said: The statement referred to the President of Afreximbank, Oramah, as announcing that, “This transaction further underscores Afreximbank’s commitment to ensuring that indigenous African companies are able to play a more dominant role in the operations of specialized oil and gas assets in an industry hitherto dominated by the International Oil Companies”.

    Oramah expanded that “TNOG as the Operator of OML 17 will invest in a high velocity of production ramp up, thereby improving foreign exchange revenue and employing the more.

    “This resonates with our mandate. We congratulate Heirs Holdings for keeping the Africa flag flying.”
    Moreover, the Chairman of Heirs Holdings, the parent company of TNOG, Tony Elumelu, told in the statement that, the understanding was a testament of the alternative in Nigeria.

    “The transaction is a testament to the opportunity in Nigeria. Our acquisition of OML 17 and important related assets, significantly advances Heirs Holdings strategic vision of creating Africa’s leading integrated energy company.

    “We are building a business that will ensure that African natural resources drive African power networks and ensure value creation occurs in Africa,” Elumelu stated. He thanked Oramah and Afreximbank for their powerful assistance and the shared conception of the marketing.

     

    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Kenya, KenGen Announces Ksh. 13.9 Billion Profit for the Year 2020

    Next Story

    Need for True Players of the Monrovia National Road Fund to cooperate the Fund’s Challenges

    10 Comments

    1. Godwin January 30, 2021 at 3:34 am Reply

      Love reading your reports, fan of new Africa business news. Please continue the great work. We appreciate the great job. Harare Zimbabwe. Godwin

      • New Africa Business News, Staff Correspondent January 30, 2021 at 3:35 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Morgan January 30, 2021 at 3:43 am Reply

      African Export-Import Bank is doing a great work for African own companies, be able to play, a more dominant role in the operations of specialized oil and gas assets in the industry. Dodoma Tanzania. Morgan

      • New Africa Business News, Staff Correspondent January 30, 2021 at 3:44 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Simon January 30, 2021 at 3:47 am Reply

      Excellent job to Afreximbank and thank you for the report. Nairobi Kenya. Simon

      • New Africa Business News, Staff Correspondent January 30, 2021 at 3:48 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. Martin January 30, 2021 at 3:53 am Reply

      Thank you for the daily newsletters. Love them. London England. Martin

      • New Africa Business News, Staff Correspondent January 30, 2021 at 3:54 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    5. Adam January 30, 2021 at 4:00 am Reply

      Congratulations to the Bangura for winning, Africa Journalist of the year award. Thank you and your teams. Luanda Angola. Adam

      • New Africa Business News, Staff Correspondent January 30, 2021 at 4:01 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    MDXi Embraces Energy Efficiency and Environmental Sustainability

    Posted On 26 Feb 2021

    South Africa's Maite Nkoana-Mashabane yelled for Women's representatives in the enactment of the African Continental Free Trade Area (AfCFTA)

    Posted On 25 Feb 2021

    West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report

    Posted On 24 Feb 2021

    New Africa Business News, Person of the Year 2020-2021, Goes to Dr. Arikana Chihombori Quao

    Posted On 01 Jan 2021

    New Africa Business News, Africa President of the Year 2020-2021 Goes to Tanzania's John Pombe Joseph Magufuli

    Posted On 01 Jan 2021

    New Africa Business News, REPORTER of the Year 2020-2021, Goes to Richard Adorsu

    Posted On 08 Feb 2021

    MDXi is a great company on our...

    Posted On 26 Feb 2021

    Great initiative by MDXi. Great report....

    Posted On 26 Feb 2021

    Thanks for reading, Africa’s fastest...

    Posted On 26 Feb 2021

    Facebook

    Latest Posts

    MDXi Embraces Energy Efficiency and Environmental Sustainability

    South Africa's Maite Nkoana-Mashabane yelled for Women's representatives in the enactment of the African Continental Free Trade Area (AfCFTA)

    West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report

    Recent Posts

    • MDXi Embraces Energy Efficiency and Environmental Sustainability
    • South Africa’s Maite Nkoana-Mashabane yelled for Women’s representatives in the enactment of the African Continental Free Trade Area (AfCFTA)
    • West Africa Gold Production Expected to Increase by 2.7% in 2021 According to Report
    • Sierra Leone’s Ministry of Fisheries and Marine Resources upheld Friendship with Amsoft Technologies to enhance Canoe Registration Web Portal and Portative Application
    • N10 Billion filled into the Scholastic realm of Nigeria by Dangote

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.