Friday, 7 October 2011

News Report: Nigeria’s NNPC Seeks $1.5 Billion Bank Loan

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.