MRS Oil & Gas, Woodhall Capital Limited and Ganic Foods Limited granted $200 million

 

Three Nigerian companies, MRS Oil & Gas, Woodhall Capital Limited and Ganic Foods Limited have been granted about $200 million in finance facilities by Afreximbank to boost their businesses.

The facilities were part of the deals sealed by the bank during the maiden three-day AfriCaribbean Trade and Investment Forum that was concluded at the weekend in Bridgetown, Barbados.

The forum, which was aimed at integrating the Caribbean into African trade, had two Partnership Agreements, 12 Memoranda of Understanding and four financing facilities signed.

The first to put pen to paper was MRS, whose Chief Operating Officer, Ms Amina Maina, signed the dotted line with the Executive Vice President of AFREXIM, Dr. Kanayo Awani. 

The US$150 million deal is a Revolving Import Finance Facility for the company’s importation of refined products, the exportation of crude oil as well as crude oil and refined products swaps (DSDP) and pre-delivery of petroleum against crude allocations. 

The facility, according to the agreement, will afford the bank the opportunity to fulfil one of its major strategic pillars of leading trade finance. 

Woodhall Capital Limited’s deal is a US$10 million LC Issuance Facility Term Sheet signed by its Managing Director, Ms. Moji Hunponu-Wusu, and  AFREXIM’s Global Head of Client Relations, Mr. Rene Awambeng.

It is a Cash-Backed Letter of Credit Confirmation Facility to help the company to finance the procurement of refined petroleum products for supply to the International Oil Companies (IOCs) operating in Nigeria. 

Ganic Foods’ facility, which is denominated naira to the tune of 16.56 billion ($39.52 million) is a Dual Tranche Facility Term Sheet signed by the company’s Chief Executive Officer, Mr. Deji Akinyanju, and Awambeng for the bank. 

“This is a deal for an NGN16.56billion Dual Tranche Export Development Facility in relation to the construction of a 500TPD Soybean Solvent Extraction Plant, 300TPD Soya and Palm Kernel Oils Refinery and 400TPD Palm Kernel Expellers located on a parcel of land of over 50,000 square meters site in Abeokuta, Ogun State, Nigeria,” the agreement papers said, adding, “This facility aims to promote Value-Added Exports as a way of encouraging diversification from commodities-based exports.”

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