To demonstrate support for commercial and financial operations of Neconde Energy Limited, a consortium of seven local and international lenders has signed an agreement to refinance the company’s existing senior secured medium-term loan facility agreement worth $640 million with Neconde Energy Limited, an indigenous oil and gas exploration and production company, following the 20-year renewal of the Oil Mining License of the company effective June 2019.

The consortium is made up of four Nigerian Banks and three international lenders. The banks include Access Bank, Fidelity Bank, Zenith Bank as well as First Bank (United Kingdom) Limited. The international lenders include the Africa Import Export Bank (Afrexim), Africa Finance Corporation (AFC) and Glencore Energy (UK) Limited. Apart from being a member of the lending consortium, Glencore is also the off-taker of Neconde’s equity crude oil production. With the refinancing, Neconde is now positioned to achieve its field development plans for the Asset.

Neconde Energy Limited Chairman, Dr. Ernest Azudialu-Obiejesi said in a statement that the loan refinancing affirms the strong financial fundamentals of Neconde Energy Limited as a leading player in the upstream sector of the Oil and Gas industry. He also disclosed that “this restructuring frees up capital for Neconde to invest in more development activities that will result in production increase’’.