A statement issued by the bank noted that the $250 million Reserve Based Lending facility, is the largest amount to be disbursed for this purpose, underwriting about a quarter of the financing that enabled TNOG to acquire stakes in OML 17 from Shell Petroleum Development Company, Total E & P Nigeria Limited and ENI.
TNOG is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc , a leading African conglomerate with interests in banking, insurance, real estate, hospitality and power Commenting on the facility, president of Afreximbank, Prof Benedict Oramah, said, “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 specialised oil and gas assets in an industry hitherto dominated by the International Oil Companies.