Economy
Oando Raises $550m to Support Nigeria’s Sustainable Development
By Adedapo Adesanya
Oando Plc has confirmed putting down about $550 million in the $925 million crude oil loan financing deal to Nigeria from the African Export-Import Bank (Afreximbank) to support the country’s sustainable development.
The deal named Project Gazelle was sponsored by the Nigerian National Petroleum Company (NNPC), but arranged and coordinated by Afreximbank, involving other crude oil off-takers like Sahara Energy and others.
The total funded facility size for Project Gazelle is about $3.175 billion, a statement from the company said. The project is a $3.3 billion structured crude oil-backed forward-sale finance facility.
The unique financing arrangement is backed by crude oil allocation from the royalties and tax entitlements of the Nigerian government and is a first of its kind in Africa’s largest economy.
The funds were provided to enable the much-required forex injection into Nigeria’s economy, helping the government meet its immediate obligations.
It is also expected to enable investments in critical projects to boost production and in turn, generate increased revenues, part of which would be used in paying off the facility over five years, it noted.
Speaking on Oando’s participation, Mr Wale Tinubu, the chief executive, said the transaction further reinforces the energy firm’s ability to create value and the company’s status as the indigenous partner of choice in Nigeria.
”The successful completion of this facility signifies another win for the company and the country at large. The transaction further reinforces Oando’s ability to create value and the company’s status as the indigenous partner of choice in Nigeria.
“As a proudly indigenous company, our ambition has always been to use our platform to support the sustainable development of the nation. Against this backdrop, Project Gazelle will be instrumental in realising the federal government’s efforts to boost the country’s socio-economic indices.
“Afreximbank as lead arranger continues to support African corporations – public and private growing confidence in the market and continent,” Mr Tinubu stated.
One of the key reasons given for the novel Project Gazelle, Oando said, was its ability to avail the federal government in the immediate to medium term with access to funding for investments in critical sectors that will help in reversing some negative economic indices and trends, while positively impacting the lives of its citizens.
In a joint statement with Afreximbank, NNPC’s Group CEO, Mr Mele Kyari commended the bank’s management and team for their investment philosophy and active interest in the co-creation of prosperity.
“The successful disbursement of the first accordion under Project Gazelle and its interest in funding viable and strategic projects is a clear indication of investors’ confidence in NNPC and Nigeria’s growth aspirations,” he said.
He further assured Afreximbank and all investing communities of NNPCL’s resolve to continue to grow the nation’s hydrocarbon resources and strengthen its partnerships across the oil and gas value chain locally, and globally.
Commenting on the disbursement, President & Chairman of the Board of Directors, Afreximbank, Mr Benedict Oramah, said the funding will greatly support the attainment of Nigeria’s short and long-term economic development priorities
“The milestone achieved thus far, on this facility, demonstrates the bank’s capabilities in performing its role as a crucial development partner for Africa. It reaffirms our commitment to assisting our member states in their efforts to achieve economic growth and stability.
“This funding will greatly support the attainment of Nigeria’s short and long-term economic development priorities,” he stated.
Mr Oramah described the original facility as ‘a landmark’ for being the largest crude oil-backed facility in Nigeria and one of the largest syndicated debts raised in Africa.
He added that the closure of the first accordion demonstrated the existence of a positive market appetite for well-structured commodities-backed instruments.
Oando also announced the lifting of the suspension of the company’s secondary securities listing on the Johannesburg Stock Exchange (JSE).
After a two-month suspension, the JSE’s recent action means investors in South Africa are now able to trade in Oando’s securities on the country’s exchange, it said.
Furthermore, Oando said it saw a positive swing in its NGX share price appreciating by 52.8 per cent between April 28 to June 6, 2024, a period that saw the company release its audited FYE2022 results and shortly after at the end of May, its interim FYE2023 results.
It pointed out that investors had shown a strong and positive response to the release of the company’s 2023 unaudited financial reports which showed a major recovery for the indigenous energy company.
“Oando’s FYE2023 interim report showed a 71 per cent increase in turnover from N1.9 trillion in 2022 to N3.4 trillion in 2023 as well as a Profit after Tax position of N74.7billion, a 192 per cent increase from the preceding year.
“After recent upheavals, it looks like exciting times are ahead for Oando, its shareholders, the investing public and the Nigerian economy,” said the statement.
By Aduragbemi Omiyale
Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.
At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.
Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.
In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.
This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.
These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.
The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.
The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.
“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.
“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.
The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.
According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.
The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.
“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.
The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.
According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.
“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.
The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.
By Adedapo Adesanya
Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.
This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.
Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.
The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.
During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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