Business

BOI to start servicing Afreximbank’s EUR 2bn Debt After 1 year

Published

2 years ago

December 19, 2024

634 Views

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.”

Business

Enugu Air Begins London Gatwick flights From December 10, 2026

The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.

Published

28 minutes ago

November 8, 2026

OCHEFA

14 Views

Enugu Air will begin direct flights to London Gatwick on December 10, 2026, with four services weekly.

Tickets are already available for booking.

The Enugu State-owned airline will use an Airbus A330-200 leased from Portugal-based EuroAtlantic under an Aircraft, Crew, Maintenance and Insurance (ACMI) arrangement.

The service is being delivered through a strategic partnership with Omni-Blu Aviation (OBA).

The airline said the service will improve international travel connectivity for passengers departing from Lagos, Enugu and other parts of Nigeria.

Passengers from Enugu will be able to begin their international journey to London from their home airport, Akanu Ibiam International Airport.

The four weekly flights are expected to give travellers greater flexibility between Nigeria and the United Kingdom.

Enugu Air Chief Executive Officer Captain Tolu Ita said: “The commencement of our London Gatwick service reflects our commitment to expanding international connectivity and the vision of His Excellency, Governor Peter Mbah, to connect Enugu to more opportunities across the world.”

He added: “Of particular importance is ensuring that passengers from Enugu can begin their international journey to London from their home airport, Akanu Ibiam International Airport. We are proud to make the journey from Enugu to London Gatwick a reality for our passengers.”

Business

Naira Exchange Rates Thursday, 5 Nov 2026

Published

3 days ago

November 5, 2026

OCHEFA

158 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

Business

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

4 days ago

November 4, 2026

OCHEFA

203 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.