The Nigerian National Petroleum Corporation (NNPC) is seeking a first time International bank loan of $1.5 billion, chidi opara reports learned. The facility would be a five-year syndicated loan.
International financial giants, Standard
Chartered Bank, Standard Bank and BNP Paribas are known to have submitted bids
to source for the loan, which NNPC is yet to approve. The Nigerian Oil and Gas
giant is expected to decide on the bids soon.
NNPC spokesman, Dr. Levi Ajuonuma,
commenting on this development said, "We are always looking at alternative
funding sources, where we suffer shortfalls because of competing demands. This
is a large country with a lot of needs,"
"We have a lot of talks with
highly regarded international banks who are looking to be involved in our deep
offshore and other projects," Ajuonuma further revealed.
NNPC management last year denied
reports that the Corporation was broke.
Nigeria's lower Parliament, the
House of Representatives recently ordered the Corporation to commence repayment
of the over four hundred billion naira owed the Nigerian government.
