allAfrica.com allafrica.com 29 Jan, 2021 10:00 am

Nigeria: Afreximbank Disburses U.S.$250 Million in Support of TNOG's OML 17 Acquisition

The African Export-Import Bank (Afreximbank) has disbursed $250 million of the $1.1 billion in support of the acquisition of 45 per cent stake in Oil Mining Licence (OML 17) onshore oilfield by Trans Niger Oil and Gas Limited (TNOG).

We congratulate Heirs Holdings for keeping the Africa flag flying." Also, the Chairman of Heirs Holdings, the parent company of TNOG, Mr.Our acquisition of OML 17 and important related assets, significantly advances Heirs Holdings' strategic vision of creating Africa's leading integrated energy company.1 billion in support of the acquisition of 45 per cent stake in Oil Mining Licence (OML 17) onshore oilfield by Trans Niger Oil and Gas Limited (TNOG).

Following the acquisition, TNOG will now operate the OML 17 onshore oilfield on behalf of the Nigerian National Petroleum Corporation (NNPC), which owns the remaining 55 per cent working interest.Professor Benedict Oramah, President of Afreximbank, said: The statement quoted the President of Afreximbank, Oramah, as saying that "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 specialized oil and gas assets in an industry hitherto dominated by the International Oil Companies".

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