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UBA, others in ExxonMobil/NNPC $265m upstream financing

In a historic milestone in oil and gas financing in Nigeria, the United Bank for Africa Plc (UBA) is leading a consortium of Nigerian banks including Oceanic Bank, Standard Chartered Bank, Skye Bank, Zenith Bank, Bank PHB, Access Bank and Union Bank Plc in a $265 million supplementary refinancing deal for ExxonMobil and the Nigerian National Petroleum Corporation (NNPC).

This follows the successful underwriting by UBA of the first 100 per cent local funding of an ExxonMobil/NNPC Joint Venture Project in 2008, when $220 million was raised for NGL Funding Limited, a special purpose vehicle created for the Project’s Natural Gas Liquids and Additional Oil Recovery Program.

The deal, which was closed in London last week, marked a further sign of the increasing leadership role of Nigerian banks in oil and gas financing, where until recently they had largely played a more limited role.


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