Business
BOI to start servicing Afreximbank’s EUR 2bn Debt After 1 year
The Afreximbank’s EUR 2 billion syndicated term loan facility for Bank of Industry (BOI) Nigeria has a three-year tenor with quarterly repayments commencing after the first year.
In a statement, Afreximbank, said that it acted as one of the Initial Mandated Lead Arrangers, Bookrunner and Facility Agent in the said loan facility.
“Said the statement: The facility is backed by a first demand guarantee and is structured into two tranches.
Tranche A is guaranteed 85% by the Africa Finance Corporation and 15% by the Central Bank of Nigeria (CBN) for both principal and interest.
Tranche B is 100% guaranteed by the AFC for both principal and interest. The Bank disbursed its participation amount of EUR 175 million in September 2024 in two tranches of EUR 115 million in Tranche A and EUR 60 million under Tranche B.
Afreximbank was also involved in the processes leading to financial close and disbursement of up to EUR 2 billion by all the lenders, including the early bird syndication in August 2024 as the Facility Agent.
BOI is expected to use the proceeds of the facility to finance trade and trade related projects of eligible corporates in Nigeria.
“This significant transaction underscores Afreximbank’s commitment to supporting Nigeria’s economic growth,” said Mr. Denys Denya, Senior Executive Vice President at Afreximbank.
“By actively participating as lender, bookrunner, and agent, we are not only providing crucial financing to Bank of Industry but also facilitating access to critical resources that will empower Nigerian businesses and drive sustainable development across the country.
” Dr. Olasupo Olusi, Managing Director of Bank of Industry, stated: “This landmark syndicated facility of up to EUR 2 billion is a testament to the confidence global financial institutions have in the Bank of Industry’s track record and its pivotal role in driving Nigeria’s industrial and economic transformation.
We are particularly grateful for Afreximbank’s significant participation and unwavering support both as a lender and facilitator in this transaction.
This funding will empower us to further finance critical projects, ultimately fostering sustainable growth and development for corporates across Nigeria.”
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Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
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