AfrexInsure, the insurance subsidiary of the African Export-Import Bank, has announced its collaboration with Oando Plc as one of its strategic partners to protect the bank’s investment in Oando’s operations in Nigeria through tailored specialty insurance solutions.
This was revealed in a statement by the APO Group on behalf of Afreximbank on Monday.
“Afreximbank’s partnership with Oando has included a pivotal role in financing the company’s strategic initiatives in Nigeria’s oil and gas sector, including facilitating a $650 million financing for Oando’s acquisition of Nigerian Agip Oil Company Assets in August 2024 and the energy company’s June 2024 participation through its Oando Trading subsidiary in Project Gazelle, the $3.3 billion structured crude oil-backed finance facility sponsored by the Nigerian National Petroleum Company Limited, in which Oando Trading contributed $550 million to a $925 million accordion facility arranged by Afreximbank,” the statement said.