Afreximbank and UBA Disburse $2.25 Billion Oil-for-Cash Loan to NNPC

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The African Export-Import Bank and the United Bank for Africa have successfully disbursed $2.25 billion from the $3.3 billion oil-for-cash loan facility arranged by the Nigerian National Petroleum Company Limited.

UBA, serving as the Local Arranger and Onshore Account Bank for the transaction, confirmed the initial disbursement, with a second tranche of $1.05 billion expected to follow.

Afreximbank President, Professor Benedict Oramah, highlighted the institution’s commitment to supporting African economies, especially when such assistance is crucial. Mele Kolo Kyari, the NNPCL Group Chief Executive Officer, noted that the facility’s proceeds are part of the strategies to improve macro-economic stability for the federal government.

Source: Business Day

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