In August 2021, it managed to reach a deal where it would help loan money to Whitmore Asset Management, linked to its CEO Tinubu, to pay out $550mn to Gabriele Volpi’s Ansbury Investments. Oando borrowed the cash from Afreximbank and advanced this to Whitmore.
“Production is not at the level we would like. We intend to own the asset and we need a new plan of development, which will take different things into consideration,” he said. Many wells need to undergo workovers, he said, in order to make it fit for the long term.
Afreximbank has agreed to provide $600 million in financing to Nigeria’s Amni International Petroleum Development.
Sierra Leone is in the midst of a licence round as it aims to cash in on a return of interest to the energy sector.
Nigeria’s Bureau of Public Enterprises (BPE) has set out plans to resell 60% stakes in a number of power distribution companies, known as discos.
The energy transition is throwing up particular challenges for Africa, not least in terms of access to the skills and capital needed to meet future demand.
Afreximbank has signed a memorandum of understanding (MoU) with the African Petroleum Producers Organization (APPO), with the dream of creating an energy bank.
Big companies have big plans to cut emissions and often find it easier to sell assets. Buyers may not be quite so concerned about tackling emissions, though, a report from the Environmental Defense Fund (EDF) has found.
The African Export-Import Bank (Afreximbank) will work with Nigerian National Petroleum Corp. (NNPC) to raise $5 billion.
UTM Offshore has signed a memorandum of understanding (MoU) with the African Export-Import Bank (Afreximbank) in support of a floating LNG (FLNG) project.
International banks are increasingly reluctant to commit to African projects, although domestic banks are growing with an eye on filling this gap.
Nigeria’s Federal Executive Council (FEC) has approved spending $1.5 billion to rehabilitate the Port Harcourt refinery.
Shell Petroleum Development Co. (SPDC) has sold its 30% stake in OML 17 to TNOG Oil and Gas, for $533 million.
The African Petroleum Producers’ Organisation (APPO) may be moving its headquarters to Congo Brazzaville but the African Energy Investment Corp. (AEICORP) will be based in Nigeria’s capital, Abuja.