Economy
Afreximbank Raises Loan Support to Oando to $375m for Upstream Growth
By Adedapo Adesanya
Nigerian energy solutions company provider, Oando Plc, has announced the successful upsizing of its Reserve Based Lending (RBL2) facility to $375 million.
This upsizing is a result of Oando’s significant progress in deleveraging, having substantially reduced the original $525 million RBL2 facility, signed in 2019, down to $100 million by the close of 2024.
The refinancing, led by the African Export-Import Bank (Afreximbank), with the support of Mercuria, extends the final maturity date of the facility to January 30, 2029.
In recent years, financing arrangements for the acquisition, development, and operation of oil and gas assets have commonly been structured as Reserve-Based Loans (RBLs).
Under this model, the amount a borrower, in this instance Oando, can access is directly tied to the size and value of their proven reserves, with Oando’s standing at 1.0Bnboe —referred to as the Borrowing Base.
“This proactive debt management has paved the way for successful refinancing,” the company said in a statement on Thursday.
Speaking on this strategic achievement, the chief executive of Oando, Mr Wale Tinubu, said, “We are pleased to have completed the upsizing of our RBL2 facility, a strategic milestone that reinforces our commitment as Operator of the Oando-NEPL JV to maximizing the value of our expanded asset portfolio.
“Our Joint Venture holds extensive reserves with the potential to generate over $11 billion in net cashflows to Oando over the assets’ life. This working capital facility is a critical enabler towards efficiently extracting and monetizing these resources,” he said.
“We appreciate the continued partnership of Afreximbank and Mercuria, whose unwavering support underscores their alignment with our long- term focus on maximizing production, optimizing asset performance, and delivering sustainable value to all stakeholders,” he added.
Oando said the capital injection will be strategically deployed to aggressively pursue key growth initiatives, including accelerated drilling campaigns, critical infrastructure upgrades across its operations, and the implementation of advanced operational efficiencies throughout its portfolio.
These strategic investments directly support the company’s stated ambition to significantly increase its production levels to 100,000 barrels of oil per day and 1.5 billion cubic feet (Bcf) of gas per day by the end of 2029, the statment added.
This development follows Oando’s landmark $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant, Eni, in August 2024.
This also significantly expands Oando’s operational landscape, incorporating twenty-four currently producing fields, approximately forty identified exploration prospects and leads, 12 key production stations, an extensive network of approximately 1,490 km of pipelines, three vital gas processing plants, the strategic Brass River Oil Terminal, the significant Kwale-Okpai phases 1 & 2 power plants boasting a total nameplate capacity of 960MW, and a comprehensive suite of associated infrastructure.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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