Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Lekoil secures $11.5 million facility 

Chidinma Nwagbara by Chidinma Nwagbara
October 29, 2019
in Business News, Company News
Lekoil, NSE, Lekoil secures $11.5 million facility 
Share on FacebookShare on TwitterShare on Linkedin

Lekoil Oil and Gas Investments Limited has signed a $11.5 million facility with FBNQuest Merchant Bank. This was announced by the company in a statement sent to the London Stock Exchange.

Lekoil Oil and Gas Investments Limited’s parent company, LEKOIL Nigeria Limited, said it had agreed to guarantee the obligations of the latter in its pursuit of the facility.

[READ MORE: Lekoil to boost production output by listing on NSE]

RelatedPosts

Lekoil Nigeria asks court to punish Savannah Energy for contempt

Twitter ban lift: Experts point to Nigerian government as the biggest loser

Purpose of the credit facility: According to the company’s Chief Executive Officer, Lekan Akinyanmi, the facility would provide Lekoil with increased flexibility at a cost of capital in line with its existing facilities.

“I am delighted that we have agreed to this additional facility with FBNQuest, a key local lender in Nigeria. This facility provides us with increased flexibility at a cost of capital in-line with our existing facilities.  We appreciate FBNQuest’s support and appreciate our growing long-term relationship with them.”

News continues after this ad


Lekoil secures $11.5 million facility 

More details on the facility: As stated in the statement, the facility has a maturity of four years and is repayable quarterly with a margin of LIBOR + 10%. The company also said it expected to draw down on the facility as needed, which had no pre-payment penalty.

“The facility will be used primarily to pay all outstanding quarterly repayments (including principal and interest) due to Shell Western Supply and Trading Limited and payment of the licence/lease extension fees on OPL 276 (as announced on August 23 2019) and OPL 310 ($7.5m due by October 31, 2019).”

News continues after this ad


About Lekoil: Lekoil is an Africa-focused oil exploration and production company with interests currently in Nigeria and offshore Namibia.

The company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.

[READ ALSO: Standard Chartered partners IFC to offer $1 billion credit facility]

About FBNQuest: FBNQuest operates to be the leading Merchant Bank and Asset Manager in sub-Saharan Africa. More so, its aims to be a trusted, inspirational partner founded on innovation, deep local roots, and global insights in the country’s banking system.

Located in Lagos, Abuja and Port Harcourt, the broad range of FBNQuest services ensures a bespoke solution for everyone.

Related

Tags: FBNQuest Merchant BankLekan AkinyanmiLekoil Nigeria LimitedLondon Stock ExchangeOn the Money

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • LinkedIn Local Lagos set to hold the third edition
    • Atiku pledges to give states power to generate, transmit and distribute electricity if elected president
    • FG asks Google to remove Maxi Credit, Here4U, ChaCha, SoftPay loan apps from Play Store

    Follow us on social media:

    Recent News

    LinkedIn Local Lagos set to hold the third edition

    LinkedIn Local Lagos set to hold the third edition

    August 19, 2022
    Atiku pledges recruitment of more security personnel, provide adequate equipment if elected

    Atiku pledges to give states power to generate, transmit and distribute electricity if elected president

    August 19, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com