Oando Plc has introduced that its upstream subsidiary, Oando Oil Restricted, has efficiently elevated its reserve-based mortgage facility to $375 million following capital injection from Afreximbank and Mercuria.
The announcement was detailed in a disclosure filed with the Nigerian Alternate (NGX) on June 4, 2025, and signed by the corporate secretary, Ayotola Jagun.
As said within the launch, the refinancing of Oando’s reserve-based lending (RBL2) facility was led by the African Export-Import {Bank} (Afreximbank), with further backing from Mercuria Asia Assets PTE Restricted.
Initially secured in 2019 at $525 million, the power was steadily paid all the way down to $100 million by the top of 2024, permitting for refinancing and strategic repositioning.
The corporate said that this recent injection of capital would assist its efforts to spice up crude oil manufacturing.
“The refinancing will assist the Firm’s ambition to realize 100,000 barrels of oil per day (bopd) and 1.5 billion cubic ft (Bcf) of fuel per day by the top of 2029,” the disclosure famous.
This improvement follows Oando’s acquisition of Nigerian Agip Oil Firm Restricted in 2024, a deal additionally backed by Afreximbank, and aligns with the corporate’s long-term technique to scale manufacturing and function with larger flexibility.
In August 2024, Oando Plc efficiently accomplished the acquisition of Nigerian Agip Oil Firm (NAOC) from the Italian vitality big Eni, in a deal valued at $783 million.
This transfer was set to considerably strengthen Oando’s place inside Nigeria’s oil and fuel sector by increasing its operational footprint and boosting its upstream capabilities.
Based on experiences gathered by Nairametrics, the African Export-Import {Bank} (Afreximbank) supported the transaction by offering a $650 million lending facility to Oando Plc as a part of the general acquisition package deal.
Reflecting the affect of the acquisition, Oando’s annual report for full-year 2024 revealed that crude oil manufacturing rose by 22%, whereas whole each day output averaged 23,727 barrels of oil equal.
This improve in each day output seemingly contributed to enhancements in Oando Plc’s top-line and bottom-line profitability, supporting the corporate’s ongoing operations.
Oando Plc not too long ago revealed its audited {financial} statements for the yr ended 31 December 2024, reporting a pre-tax revenue of N383.8 billion.
Whole income for the yr surged to N4.08 trillion, up 43.61% from N2.84 trillion within the earlier yr.
Oando’s whole belongings grew by 140.43% to N6.4 trillion, boosted by the total acquisition of NAOC.
