Nigeria's NNPC borrows N234b

Nigeria's NNPC borrows N234b

A syndicated loan of about N234 billion ($1.5billion) has been obtained by the Nigerian National Petroleum Corporation (NNPC) to help it pay debts to international fuel traders, a senior banking source with knowledge of the deal told the Reuters news agency on Monday.
The deal, struck at the end of last year, is seen as crucial to easing the burden on big commodity traders, who were facing the prospect of painful multi-million dollar write-offs, oil trading sources told Reuters.
The loan, provided by several Nigerian and international banks and brokered by Standard Chartered, will be paid back over five and half years. The NNPC has put up 15,000 barrels per day of its oil production as collateral, the source said.
Standard Chartered and the NNPC declined requests by Reuters for official comment.
Source: Compass Newspaper
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